Horizon Bancorp (IN) (NASDAQ:HBNC) Raised to "Buy" at Wall Street Zen

Wall Street Zen upgraded shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) from a hold rating to a buy rating in a report released on Friday.

A number of other research firms also recently commented on HBNC. Piper Sandler reduced their target price on 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. Keefe, Bruyette & Woods reduced their target price on Horizon Bancorp (IN) from $18.00 to $17.00 and set a "market perform" rating on the stock in a research report on Friday, April 25th.

Horizon Bancorp (IN) Trading Up 1.3%

Horizon Bancorp (IN) stock traded up $0.20 during trading on Friday, reaching $16.05. 36,707 shares of the company were exchanged, compared to its average volume of 164,857. Horizon Bancorp has a 52-week low of $12.70 and a 52-week high of $19.18. The company has a market capitalization of $706.36 million, a P/E ratio of 15.74 and a beta of 0.84. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.76 and a quick ratio of 0.76. The stock's 50 day simple moving average is $15.32 and its two-hundred day simple moving average is $15.46.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.40 by $0.14. Horizon Bancorp (IN) had a return on equity of 9.56% and a net margin of 12.27%. The company had revenue of $69.17 million for the quarter, compared to the consensus estimate of $64.52 million. On average, 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 firm also recently disclosed 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 annualized dividend and a dividend yield of 3.99%. Horizon Bancorp (IN)'s dividend payout ratio is currently 62.75%.

Institutional Trading of Horizon Bancorp (IN)

A number of large investors have recently made changes to their positions in HBNC. Nuveen LLC purchased a new stake in Horizon Bancorp (IN) during the 1st quarter valued at approximately $5,296,000. BlackBarn Capital Partners LP purchased a new stake in Horizon Bancorp (IN) during the 1st quarter valued at approximately $4,524,000. Hillsdale Investment Management Inc. purchased a new stake in Horizon Bancorp (IN) during the 4th quarter valued at approximately $3,783,000. Vanguard Group Inc. raised its stake in Horizon Bancorp (IN) by 5.8% during the 1st quarter. Vanguard Group Inc. now owns 2,594,577 shares of the financial services provider's stock valued at $39,126,000 after acquiring an additional 142,298 shares during the last quarter. Finally, Segall Bryant & Hamill LLC purchased a new stake in Horizon Bancorp (IN) during the 4th quarter valued at approximately $1,826,000. 64.51% of the stock is owned by institutional investors and hedge funds.

About Horizon Bancorp (IN)

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.