Horizon Bancorp (IN) (NASDAQ:HBNC) Upgraded by Wall Street Zen to "Buy" Rating

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 morning.

Other research analysts have also issued reports about the company. Piper Sandler decreased their price objective on Horizon Bancorp (IN) from $18.00 to $17.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Keefe, Bruyette & Woods dropped their price objective on Horizon Bancorp (IN) from $18.00 to $17.00 and set a "market perform" rating for the company in a report on Friday, April 25th.

Horizon Bancorp (IN) Stock Performance

NASDAQ HBNC traded up $0.04 during trading on Friday, reaching $15.92. 159,243 shares of the company's stock were exchanged, compared to its average volume of 165,606. 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 business has a 50 day moving average price of $15.32 and a 200-day moving average price of $15.46. The stock has a market capitalization of $700.72 million, a P/E ratio of 15.61 and a beta of 0.84. Horizon Bancorp has a fifty-two week low of $12.70 and a fifty-two week high of $19.18.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.54 earnings per share 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 business had revenue of $69.17 million for the quarter, compared to analysts' expectations of $64.52 million. Sell-side analysts forecast that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend was Thursday, July 3rd. Horizon Bancorp (IN)'s dividend payout ratio (DPR) is presently 62.75%.

Hedge Funds Weigh In On Horizon Bancorp (IN)

A number of institutional investors have recently modified their holdings of HBNC. Charles Schwab Investment Management Inc. lifted its stake in Horizon Bancorp (IN) by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 359,247 shares of the financial services provider's stock valued at $5,787,000 after purchasing an additional 8,266 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Horizon Bancorp (IN) during the fourth quarter worth $234,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Horizon Bancorp (IN) during the fourth quarter worth $602,000. Intech Investment Management LLC bought a new position in shares of Horizon Bancorp (IN) in the 4th quarter valued at $286,000. Finally, Teacher Retirement System of Texas acquired a new stake in shares of Horizon Bancorp (IN) during the 4th quarter valued at $669,000. Institutional investors and hedge funds own 64.51% of the company's stock.

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.