Horizon Bancorp (IN) (NASDAQ:HBNC) Share Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Horizon Bancorp (IN) stock has crossed above its 200-day moving average, indicating a potential upward trend, with shares last trading at $15.95.
• Analysts have varied recommendations for the stock; Piper Sandler has increased the price target to $18.00 while Wall Street Zen downgraded it from "buy" to "hold."
• The company has declared a quarterly dividend of $0.16 per share, yielding 4.0% annually, with a payout ratio of 54.70%.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $15.43 and traded as high as $16.25. Horizon Bancorp (IN) shares last traded at $15.95, with a volume of 267,057 shares trading hands.

Wall Street Analyst Weigh In

HBNC has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Piper Sandler upped their price objective on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a "market perform" rating in a report on Friday, July 25th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $18.00.

Horizon Bancorp (IN) Trading Down 5.7%

The stock has a market capitalization of $667.67 million, a price-to-earnings ratio of 12.94 and a beta of 0.87. The company's 50-day moving average is $15.56 and its 200-day moving average is $15.40. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.14.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.03. Horizon Bancorp (IN) had a net margin of 13.84% and a return on equity of 10.21%. The firm had revenue of $66.27 million during the quarter, compared to analysts' expectations of $66.45 million. Research analysts anticipate that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend was Thursday, July 3rd. Horizon Bancorp (IN)'s dividend payout ratio (DPR) is 54.70%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC boosted its stake in shares of Horizon Bancorp (IN) by 160.2% in the second quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider's stock valued at $101,000 after purchasing an additional 4,024 shares during the period. Rafferty Asset Management LLC raised its holdings in Horizon Bancorp (IN) by 3.9% during the second quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider's stock worth $382,000 after purchasing an additional 941 shares in the last quarter. Lazard Asset Management LLC raised its holdings in Horizon Bancorp (IN) by 7.7% during the second quarter. Lazard Asset Management LLC now owns 28,181 shares of the financial services provider's stock worth $433,000 after purchasing an additional 2,016 shares in the last quarter. HoldCo Asset Management LP acquired a new position in shares of Horizon Bancorp (IN) in the 2nd quarter valued at $1,411,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of Horizon Bancorp (IN) by 115.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 16,205 shares of the financial services provider's stock valued at $249,000 after acquiring an additional 8,671 shares during the period. Hedge funds and other institutional investors own 64.51% of the company's stock.

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.