Piper Sandler Issues Positive Forecast for Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Price

Key Points

• Piper Sandler has raised the price target for Horizon Bancorp (IN) (NASDAQ: HBNC) from $17.00 to $18.00, indicating a potential upside of 14.58% from the stock's previous close.
• Despite the upgrade, other firms like Wall Street Zen have downgraded Horizon Bancorp to a "hold" rating, while Keefe, Bruyette & Woods maintained a "market perform" rating.
• Horizon Bancorp's stock is currently trading at $15.71, with shares seeing a slight increase of 0.6% on Monday, and the company has a market cap of $691.40 million.

Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) had its price objective raised by Piper Sandler from $17.00 to $18.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider's stock.

HBNC has been the topic of a number of other research reports. Wall Street Zen downgraded Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Keefe, Bruyette & Woods upped their target price on Horizon Bancorp (IN) from $17.00 to $18.00 and gave the stock a "market perform" rating in a research note on Friday, July 25th.

Horizon Bancorp (IN) Stock Performance

Shares of HBNC stock traded down $0.25 during mid-day trading on Monday, reaching $15.49. The stock had a trading volume of 356,367 shares, compared to its average volume of 171,660. The business's fifty day moving average is $15.34 and its 200-day moving average is $15.47. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.15. The firm has a market cap of $681.71 million, a price-to-earnings ratio of 13.24 and a beta of 0.84. Horizon Bancorp has a 1-year low of $12.70 and a 1-year high of $19.18.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.03. The business had revenue of $66.27 million for the quarter, compared to analyst estimates of $66.45 million. Horizon Bancorp (IN) had a return on equity of 10.30% and a net margin of 13.84%. On average, research analysts forecast that Horizon Bancorp will post 1.78 earnings per share for the current year.

Horizon Bancorp (IN) Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were given a dividend of $0.16 per share. The ex-dividend date was Thursday, July 3rd. This represents a $0.64 dividend on an annualized basis and a yield of 4.1%. Horizon Bancorp (IN)'s dividend payout ratio is currently 54.70%.

Hedge Funds Weigh In On Horizon Bancorp (IN)

A number of hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Horizon Bancorp (IN) by 3.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,665 shares of the financial services provider's stock worth $397,000 after purchasing an additional 792 shares in the last quarter. Meritage Portfolio Management boosted its position in Horizon Bancorp (IN) by 5.5% during the first quarter. Meritage Portfolio Management now owns 23,491 shares of the financial services provider's stock worth $354,000 after purchasing an additional 1,231 shares in the last quarter. Quarry LP lifted its position in shares of Horizon Bancorp (IN) by 64.4% in the fourth quarter. Quarry LP now owns 3,450 shares of the financial services provider's stock valued at $56,000 after acquiring an additional 1,352 shares in the last quarter. Occudo Quantitative Strategies LP lifted its position in shares of Horizon Bancorp (IN) by 9.4% in the fourth quarter. Occudo Quantitative Strategies LP now owns 20,525 shares of the financial services provider's stock valued at $331,000 after acquiring an additional 1,759 shares in the last quarter. Finally, Rhino Investment Partners Inc lifted its position in shares of Horizon Bancorp (IN) by 0.4% in the fourth quarter. Rhino Investment Partners Inc now owns 530,363 shares of the financial services provider's stock valued at $8,544,000 after acquiring an additional 2,104 shares in the last quarter. 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.