Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• Horizon Bancorp (IN) stock has recently surpassed its two hundred day moving average, trading as high as $16.30 before settling at $16.16, indicating positive momentum.
• Analysts have mixed views on the stock, with ratings ranging from "hold" to "overweight" and a consensus rating of "Moderate Buy" with an average price target of $19.67.
• The company declared a quarterly dividend of $0.16, yielding 4.0%, with the payout date set for October 17th for investors of record by October 3rd.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $15.36 and traded as high as $16.30. Horizon Bancorp (IN) shares last traded at $16.16, with a volume of 388,298 shares traded.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on HBNC. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Horizon Bancorp (IN) in a research note on Wednesday. Wall Street Zen downgraded Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Piper Sandler increased their price objective on Horizon Bancorp (IN) from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Stephens increased their price objective on Horizon Bancorp (IN) from $19.00 to $22.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. Finally, Keefe, Bruyette & Woods upgraded Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $18.00 to $19.00 in a report on Tuesday, August 26th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $19.67.

Horizon Bancorp (IN) Stock Performance

The stock has a market capitalization of $712.62 million, a PE ratio of 13.81 and a beta of 0.81. The business has a 50 day moving average price of $16.10 and a 200 day moving average price of $15.36. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.76 and a quick ratio of 0.76.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its 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. Horizon Bancorp (IN) had a return on equity of 10.21% and a net margin of 13.84%.The firm had revenue of $66.27 million for the quarter, compared to analysts' expectations of $66.45 million. As a group, equities research analysts expect that Horizon Bancorp will post 1.78 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, October 3rd will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 4.0%. The ex-dividend date is Friday, October 3rd. Horizon Bancorp (IN)'s dividend payout ratio (DPR) is presently 54.70%.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Rafferty Asset Management LLC lifted its stake in Horizon Bancorp (IN) by 3.9% during the 2nd quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider's stock valued at $382,000 after acquiring an additional 941 shares during the period. Keybank National Association OH lifted its stake in Horizon Bancorp (IN) by 7.6% during the 2nd quarter. Keybank National Association OH now owns 14,089 shares of the financial services provider's stock valued at $217,000 after acquiring an additional 1,000 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Horizon Bancorp (IN) by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider's stock valued at $388,000 after acquiring an additional 1,057 shares during the period. Meritage Portfolio Management lifted its stake in Horizon Bancorp (IN) by 5.5% during the 1st quarter. Meritage Portfolio Management now owns 23,491 shares of the financial services provider's stock valued at $354,000 after acquiring an additional 1,231 shares during the period. Finally, First Trust Advisors LP lifted its stake in Horizon Bancorp (IN) by 7.2% during the 2nd quarter. First Trust Advisors LP now owns 28,372 shares of the financial services provider's stock valued at $436,000 after acquiring an additional 1,905 shares during the period. 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.

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