Horizon Bancorp (IN) (NASDAQ:HBNC) Sets New 1-Year High on Analyst Upgrade

Key Points

• Horizon Bancorp shares hit a new 52-week high of $20.66 after Wall Street Zen upgraded the stock from “hold” to “buy.”
• Analyst sentiment remains mixed: the consensus rating is “Hold,” with a $22.33 price target, despite recent target increases from Keefe, Bruyette & Woods and Piper Sandler.
• Institutional investors own 64.51% of the stock, while the company recently reported quarterly EPS of $0.49—slightly below estimates—and maintains a quarterly dividend of $0.16, yielding about 3.1%.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock traded as high as $20.66 and last traded at $20.6520, with a volume of 91888 shares. The stock had previously closed at $20.36.

A number of other research firms have also issued reports on HBNC. Keefe, Bruyette & Woods raised their price target on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an "outperform" rating in a research report on Friday. Stephens reissued an "overweight" rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Weiss Ratings cut Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, July 21st. Finally, Piper Sandler reiterated a "neutral" rating and issued a $23.00 target price (up from $21.00) on shares of Horizon Bancorp (IN) in a research note on Friday. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $22.33.

Institutional Trading of Horizon Bancorp (IN)

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Horizon Bancorp (IN) by 5.9% during the fourth quarter. Vanguard Group Inc. now owns 3,189,417 shares of the financial services provider's stock worth $54,093,000 after buying an additional 176,448 shares during the period. Dimensional Fund Advisors LP raised its position in Horizon Bancorp (IN) by 3.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,568,101 shares of the financial services provider's stock valued at $41,116,000 after purchasing an additional 75,462 shares in the last quarter. PL Capital Advisors LLC lifted its stake in Horizon Bancorp (IN) by 7.2% in the fourth quarter. PL Capital Advisors LLC now owns 1,812,825 shares of the financial services provider's stock worth $30,746,000 after acquiring an additional 121,651 shares during the last quarter. Jennison Associates LLC lifted its position in shares of Horizon Bancorp (IN) by 29.3% during the 1st quarter. Jennison Associates LLC now owns 1,605,798 shares of the financial services provider's stock worth $26,608,000 after purchasing an additional 363,433 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in Horizon Bancorp (IN) in the third quarter valued at $24,842,000. 64.51% of the stock is currently owned by hedge funds and other institutional investors.

Horizon Bancorp (IN) Price Performance

The stock has a fifty day simple moving average of $19.40 and a 200-day simple moving average of $18.08. The company has a market capitalization of $1.06 billion, a PE ratio of -6.55 and a beta of 0.82. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.22.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.51 by ($0.02). Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.52%. The business had revenue of $75.50 million during the quarter, compared to analysts' expectations of $76.56 million. Equities analysts anticipate that Horizon Bancorp will post 2.09 earnings per share for the current year.

Horizon Bancorp (IN) Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.1%. The ex-dividend date was Thursday, July 2nd. Horizon Bancorp (IN)'s dividend payout ratio is currently -20.25%.

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.

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