Horizon Bancorp (NASDAQ:HBNC) Shares Gap Up - What's Next?

Shares of Horizon Bancorp, Inc. (NASDAQ:HBNC - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $14.50, but opened at $15.20. Horizon Bancorp shares last traded at $14.73, with a volume of 1,771 shares.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Wall Street Zen lowered Horizon Bancorp from a "buy" rating to a "hold" rating in a report on Friday. Piper Sandler lowered their target price on Horizon Bancorp from $18.00 to $17.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods lowered their target price on Horizon Bancorp from $18.00 to $17.00 and set a "market perform" rating on the stock in a report on Friday, April 25th.

Horizon Bancorp Price Performance

The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.83. The company has a market cap of $663.75 million, a price-to-earnings ratio of 18.85 and a beta of 0.85. The company has a fifty day simple moving average of $14.52 and a two-hundred day simple moving average of $15.85.

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.14. The company had revenue of $69.17 million for the quarter, compared to analyst estimates of $64.52 million. Horizon Bancorp had a return on equity of 8.48% and a net margin of 9.86%. On average, equities research analysts anticipate that Horizon Bancorp, Inc. will post 1.78 earnings per share for the current fiscal year.

Horizon Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 18th. Investors of record on Friday, April 4th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date was Friday, April 4th. Horizon Bancorp's payout ratio is currently 62.75%.

Institutional Trading of Horizon Bancorp

Large investors have recently made changes to their positions in the stock. Renaissance Technologies LLC boosted its stake in shares of Horizon Bancorp by 58.2% during the fourth quarter. Renaissance Technologies LLC now owns 89,716 shares of the financial services provider's stock valued at $1,445,000 after acquiring an additional 33,000 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Horizon Bancorp in the 4th quarter worth about $602,000. Teacher Retirement System of Texas acquired a new stake in Horizon Bancorp in the 4th quarter worth about $669,000. Price T Rowe Associates Inc. MD boosted its stake in Horizon Bancorp by 18.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,723 shares of the financial services provider's stock worth $270,000 after buying an additional 2,638 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in Horizon Bancorp by 13.3% in the 4th quarter. Bank of America Corp DE now owns 113,716 shares of the financial services provider's stock worth $1,832,000 after buying an additional 13,377 shares during the last quarter. Institutional investors and hedge funds own 64.51% of the company's stock.

Horizon Bancorp 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.