Horizon Bancorp (IN) (NASDAQ:HBNC) Price Target Raised to $18.00 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods raised Horizon Bancorp's target price from $17.00 to $18.00, indicating a potential upside of 17.00% from the current price.
• Horizon Bancorp reported $0.47 earnings per share, surpassing analysts' estimates by $0.03, despite revenue being slightly below expectations.
• Recent analyst actions include Wall Street Zen upgrading Horizon Bancorp from a "hold" to a "buy" rating and Piper Sandler lowering their price target to $17.00.
• Approximately 64.51% of Horizon Bancorp's stock is owned by institutional investors, with notable increases in holdings by several hedge funds during the last quarter.

Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) had its price objective raised by Keefe, Bruyette & Woods from $17.00 to $18.00 in a research note released on Friday morning,Benzinga reports. They currently have a market perform rating on the financial services provider's stock.

A number of other research firms also recently issued reports on HBNC. Piper Sandler lowered their target price on shares of Horizon Bancorp (IN) from $18.00 to $17.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Wall Street Zen upgraded shares of Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a report on Friday, July 18th.

Horizon Bancorp (IN) Trading Down 1.1%

Shares of NASDAQ HBNC traded down $0.17 during midday trading on Friday, reaching $15.79. 49,916 shares of the stock were exchanged, compared to its average volume of 166,823. The company has a market capitalization of $694.92 million, a P/E ratio of 13.51 and a beta of 0.84. Horizon Bancorp has a 52-week low of $12.70 and a 52-week high of $19.18. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average price of $15.32 and a 200-day moving average price of $15.47.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.44 by $0.03. The business had revenue of $66.27 million during the quarter, compared to the consensus estimate of $66.45 million. Horizon Bancorp (IN) had a net margin of 13.84% and a return on equity of 10.30%. Equities research analysts expect that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.05%. Horizon Bancorp (IN)'s payout ratio is currently 54.70%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Aquatic Capital Management LLC acquired a new position in shares of Horizon Bancorp (IN) during the fourth quarter worth $51,000. Quarry LP lifted its position in shares of Horizon Bancorp (IN) by 64.4% during the fourth quarter. Quarry LP now owns 3,450 shares of the financial services provider's stock worth $56,000 after purchasing an additional 1,352 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Horizon Bancorp (IN) during the fourth quarter worth $82,000. Quantbot Technologies LP lifted its position in shares of Horizon Bancorp (IN) by 4,298.5% during the fourth quarter. Quantbot Technologies LP now owns 8,753 shares of the financial services provider's stock worth $141,000 after purchasing an additional 8,554 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Horizon Bancorp (IN) during the fourth quarter worth $143,000. 64.51% of the stock is owned by institutional investors and hedge funds.

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.