Horizon Bancorp (IN) (NASDAQ:HBNC) Posts Earnings Results

Key Points

• Horizon Bancorp reported quarterly EPS of $0.49, missing analyst estimates by $0.02, while revenue came in at $75.50 million, slightly below expectations.
• HBNC shares were down 1.0% to $20.21 in mid-day trading after the earnings release, with the stock near its 52-week high of $20.66.
• The company recently paid a $0.16 quarterly dividend, equating to a 3.2% yield, while analysts currently have an average Hold rating with a $21.00 price target.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.02), FiscalAI reports. The business had revenue of $75.50 million for the quarter, compared to analyst estimates of $76.56 million. Horizon Bancorp (IN) had a positive return on equity of 12.41% and a negative net margin of 37.28%.

Horizon Bancorp (IN) Trading Down 1.0%

Shares of HBNC stock traded down $0.20 during mid-day trading on Wednesday, reaching $20.21. The company's stock had a trading volume of 728,960 shares, compared to its average volume of 443,266. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $1.04 billion, a PE ratio of -6.36 and a beta of 0.82. The company's 50 day simple moving average is $19.21 and its 200-day simple moving average is $17.99. Horizon Bancorp has a 12-month low of $14.84 and a 12-month high of $20.66.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, July 3rd were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Horizon Bancorp (IN)'s dividend payout ratio (DPR) is currently -20.13%.

Analysts Set New Price Targets

Several research firms recently commented on HBNC. Piper Sandler reiterated a "neutral" rating and issued a $21.00 target price (down from $22.00) on shares of Horizon Bancorp (IN) in a research note on Monday, April 27th. Zacks Research raised Horizon Bancorp (IN) from a "strong sell" rating to a "hold" rating in a research note on Friday, March 27th. Wall Street Zen cut Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a report on Monday. Weiss Ratings raised shares of Horizon Bancorp (IN) from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, July 6th. Finally, Stephens reiterated an "overweight" rating and set a $21.00 price objective on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $21.00.

Institutional Trading of Horizon Bancorp (IN)

Large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP acquired a new position in shares of Horizon Bancorp (IN) during the third quarter worth about $24,842,000. Alliancebernstein L.P. raised its stake in shares of Horizon Bancorp (IN) by 1,202.2% during the third quarter. Alliancebernstein L.P. now owns 593,109 shares of the financial services provider's stock valued at $9,496,000 after purchasing an additional 547,561 shares during the period. Adage Capital Partners GP L.L.C. lifted its position in shares of Horizon Bancorp (IN) by 78.9% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 963,397 shares of the financial services provider's stock worth $16,339,000 after purchasing an additional 424,896 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Horizon Bancorp (IN) by 101.8% during the fourth quarter. JPMorgan Chase & Co. now owns 733,647 shares of the financial services provider's stock worth $12,443,000 after purchasing an additional 370,099 shares in the last quarter. Finally, FJ Capital Management LLC purchased a new position in shares of Horizon Bancorp (IN) in the third quarter valued at $4,237,000. 64.51% of the stock is currently owned by institutional investors and hedge funds.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp NASDAQ: HBNC is a financial holding company headquartered in Columbus, Indiana, offering community banking and wealth management services through its subsidiary, Horizon Bank. As a locally focused institution, it provides a full range of retail and commercial banking products, including checking and savings accounts, consumer and mortgage lending, commercial real estate financing, and treasury management solutions.

In addition to traditional deposit and loan products, Horizon Bancorp's services encompass investment advisory and trust administration, retirement planning, and insurance products.

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