Horizon Bancorp (IN) (NASDAQ:HBNC) Releases Earnings Results, Beats Expectations By $0.03 EPS

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) announced its quarterly earnings results on Wednesday. The financial services provider reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03, Zacks reports. The company had revenue of $66.27 million for the quarter, compared to analyst estimates of $66.45 million. Horizon Bancorp (IN) had a net margin of 13.84% and a return on equity of 10.30%.

Horizon Bancorp (IN) Stock Performance

Shares of NASDAQ HBNC traded up $0.17 during mid-day trading on Friday, hitting $15.62. 280,900 shares of the company were exchanged, compared to its average volume of 168,388. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.15. The stock has a 50 day simple moving average of $15.31 and a 200-day simple moving average of $15.46. Horizon Bancorp has a 1-year low of $12.70 and a 1-year high of $19.18. The firm has a market cap of $687.44 million, a price-to-earnings ratio of 13.35 and a beta of 0.84.

Horizon Bancorp (IN) Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 4.10%. The ex-dividend date of this dividend was Thursday, July 3rd. Horizon Bancorp (IN)'s dividend payout ratio is presently 62.75%.

Institutional Investors Weigh In On Horizon Bancorp (IN)

Hedge funds and other institutional investors have recently bought and sold shares of the business. Empowered Funds LLC raised its stake in shares of Horizon Bancorp (IN) by 28.5% during the 1st quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider's stock worth $2,269,000 after buying an additional 33,355 shares during the last quarter. Jane Street Group LLC purchased a new stake in Horizon Bancorp (IN) in the 1st quarter valued at about $1,231,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Horizon Bancorp (IN) by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider's stock valued at $388,000 after buying an additional 1,057 shares during the period. Institutional investors and hedge funds own 64.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on HBNC shares. Keefe, Bruyette & Woods raised their target price on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the stock a "market perform" rating in a research report on Friday. Wall Street Zen lowered shares of Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, Piper Sandler lowered their target price on shares of Horizon Bancorp (IN) from $18.00 to $17.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that engages in the provision of commercial and retail banking services. The company offers checking, saving, money market, certificate of deposits, individual retirement accounts, and time deposits, as well as non-interest- and interest-bearing demand deposits.