Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Price Crosses Above 200-Day Moving Average After Earnings Miss

Key Points

• Horizon Bancorp (IN) shares exceeded their 200-day moving average after a quarterly earnings report that showed an EPS of $0.30, missing analysts' expectations of $0.46.
• The company announced a quarterly dividend of $0.16 per share, yielding 4.0%, with a payout ratio of 54.70%.
• Analysts have mixed ratings on the stock, with a consensus rating of "Moderate Buy" and a price target of $19.67, reflecting varying opinions on its growth potential.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) shares passed above its two hundred day moving average during trading on Wednesday after the company announced better than expected quarterly earnings. The stock has a two hundred day moving average of $15.40 and traded as high as $16.07. Horizon Bancorp (IN) shares last traded at $15.96, with a volume of 333,832 shares trading hands.

The financial services provider reported $0.30 EPS for the quarter, missing analysts' consensus estimates of $0.46 by ($0.16). Horizon Bancorp (IN) had a return on equity of 10.21% and a net margin of 13.84%.

Horizon Bancorp (IN) Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 17th. Shareholders of record on Friday, October 3rd were given a dividend of $0.16 per share. The ex-dividend date was Friday, October 3rd. This represents a $0.64 dividend on an annualized basis and a yield of 4.0%. Horizon Bancorp (IN)'s dividend payout ratio is presently 54.70%.

Wall Street Analyst Weigh In

HBNC has been the subject of a number of analyst reports. Stephens upped their price objective on shares of Horizon Bancorp (IN) from $19.00 to $22.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 2nd. Keefe, Bruyette & Woods upgraded shares of Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and increased their price target for the company from $18.00 to $19.00 in a report on Tuesday, August 26th. Weiss Ratings reiterated a "hold (c)" rating on shares of Horizon Bancorp (IN) in a report on Wednesday, October 8th. Wall Street Zen downgraded shares of Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Piper Sandler increased their price target 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. Two research analysts have 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 "Moderate Buy" and a consensus price target of $19.67.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Deprince Race & Zollo Inc. purchased a new position in Horizon Bancorp (IN) in the third quarter valued at approximately $1,780,000. CWM LLC raised its holdings in Horizon Bancorp (IN) by 272.0% in the third quarter. CWM LLC now owns 26,314 shares of the financial services provider's stock valued at $421,000 after buying an additional 19,241 shares during the period. Inspire Investing LLC raised its holdings in Horizon Bancorp (IN) by 11.2% in the third quarter. Inspire Investing LLC now owns 28,167 shares of the financial services provider's stock valued at $451,000 after buying an additional 2,839 shares during the period. Valeo Financial Advisors LLC purchased a new position in Horizon Bancorp (IN) in the second quarter valued at approximately $529,000. Finally, Thrivent Financial for Lutherans raised its holdings in Horizon Bancorp (IN) by 31.5% in the second quarter. Thrivent Financial for Lutherans now owns 94,379 shares of the financial services provider's stock valued at $1,451,000 after buying an additional 22,591 shares during the period. Hedge funds and other institutional investors own 64.51% of the company's stock.

Horizon Bancorp (IN) Price Performance

The company's fifty day moving average is $16.12 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. The stock has a market cap of $813.48 million, a PE ratio of 13.64 and a beta of 0.81.

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.

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