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

Key Points

• EPS beat: Horizon reported Q EPS of $0.51 vs. $0.48 expected, but revenue missed at $73.48M vs. $76.11M; the company shows a positive ROE of 11.77% alongside a negative net margin of -37.12%.
• The board declared a quarterly dividend of $0.16 (annualized $0.64), representing a 3.6% yield (ex-dividend April 2, paid April 17).
• Analyst views are mixed: the consensus rating is a Hold with a $19.67 target, though several firms have raised ratings/targets to Outperform/Buy and $20–$21 while one firm still maintains a Sell.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.51 EPS for the quarter, topping analysts' consensus estimates of $0.48 by $0.03, Zacks reports. The firm had revenue of $73.48 million during the quarter, compared to analyst estimates of $76.11 million. Horizon Bancorp (IN) had a positive return on equity of 11.77% and a negative net margin of 37.12%.

Horizon Bancorp (IN) Price Performance

Shares of NASDAQ HBNC opened at $17.55 on Thursday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.94 and a current ratio of 0.95. Horizon Bancorp has a fifty-two week low of $14.04 and a fifty-two week high of $19.07. The stock has a market cap of $899.09 million, a PE ratio of -5.57 and a beta of 0.80. The stock has a fifty day moving average of $16.97 and a 200-day moving average of $16.94.

Horizon Bancorp (IN) Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, April 3rd were given a $0.16 dividend. The ex-dividend date was Thursday, April 2nd. This represents a $0.64 annualized dividend and a dividend yield of 3.6%. Horizon Bancorp (IN)'s payout ratio is -20.32%.

Analyst Ratings Changes

Several equities analysts have weighed in on HBNC shares. Keefe, Bruyette & Woods raised their price objective on Horizon Bancorp (IN) from $19.00 to $21.00 and gave the company an "outperform" rating in a research note on Friday, January 23rd. Stephens assumed coverage on Horizon Bancorp (IN) in a research note on Friday, March 27th. They issued an "overweight" rating and a $20.00 price objective on the stock. Zacks Research upgraded Horizon Bancorp (IN) from a "strong sell" rating to a "hold" rating in a research note on Friday, March 27th. Wall Street Zen raised Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a research report on Saturday, March 21st. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Horizon Bancorp (IN) in a report on Friday, April 10th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Horizon Bancorp (IN) currently has an average rating of "Hold" and a consensus target price of $19.67.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Rafferty Asset Management LLC grew its holdings in Horizon Bancorp (IN) by 3.9% during the 2nd quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider's stock valued at $382,000 after buying an additional 941 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Horizon Bancorp (IN) by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider's stock worth $388,000 after buying an additional 1,057 shares in the last quarter. Intech Investment Management LLC lifted its holdings in shares of Horizon Bancorp (IN) by 8.2% in the third quarter. Intech Investment Management LLC now owns 20,790 shares of the financial services provider's stock worth $333,000 after buying an additional 1,569 shares in the last quarter. Comerica Bank boosted its position in shares of Horizon Bancorp (IN) by 12.7% in the third quarter. Comerica Bank now owns 14,659 shares of the financial services provider's stock valued at $235,000 after acquiring an additional 1,649 shares during the period. Finally, Quadrant Capital Group LLC boosted its position in shares of Horizon Bancorp (IN) by 20.4% in the fourth quarter. Quadrant Capital Group LLC now owns 10,503 shares of the financial services provider's stock valued at $178,000 after acquiring an additional 1,781 shares during the period. Institutional investors own 64.51% of the company's stock.

About Horizon Bancorp (IN)

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.