Horizon Bancorp (IN) (NASDAQ:HBNC) Sets New 12-Month High - Here's What Happened

Key Points

• Horizon Bancorp shares reached a new 52-week high of $21.06, up from a prior close of $20.69, with the stock’s market capitalization reaching approximately $1.08 billion.
• Analyst sentiment is broadly positive: three analysts rate the stock a Buy, two rate it Hold, and the consensus price target is $24.00. Recent price-target increases included Piper Sandler’s move to $25.00 and Keefe, Bruyette & Woods’ move to $23.00.
• The company exceeded quarterly earnings expectations with EPS of $0.56 versus a $0.54 estimate and maintains a quarterly dividend of $0.16, equivalent to a 3.0% annual yield. Institutional investors own 64.51% of the shares.

Shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) hit a new 52-week high during mid-day trading on Thursday. The stock traded as high as $21.06 and last traded at $21.00, with a volume of 18,082 shares traded. The stock had previously closed at $20.69.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Piper Sandler reiterated an "overweight" rating and set a $25.00 price target (up from $24.00) on shares of Horizon Bancorp (IN) in a report on Friday, October 23rd. Keefe, Bruyette & Woods boosted their target price on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Weiss Ratings cut shares of Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday, October 21st. Stephens increased their price objective on shares of Horizon Bancorp (IN) from $23.00 to $24.00 and gave the company an "overweight" rating in a report on Monday. Finally, Wall Street Zen upgraded Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a report on Sunday, August 16th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Horizon Bancorp (IN) presently has an average rating of "Moderate Buy" and a consensus price target of $24.00.

Horizon Bancorp (IN) Stock Performance

The stock has a fifty day moving average of $19.54 and a 200-day moving average of $18.65. The stock has a market cap of $1.08 billion, a PE ratio of 10.06 and a beta of 0.84. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.21.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last issued its earnings results on Wednesday, October 21st. The financial services provider reported $0.56 EPS for the quarter, topping the consensus estimate of $0.54 by $0.02. Horizon Bancorp (IN) had a net margin of 26.52% and a return on equity of 15.14%. The company had revenue of $77.09 million for the quarter, compared to analyst estimates of $77.99 million. On average, equities analysts forecast that Horizon Bancorp will post 2.09 EPS for the current year.

Horizon Bancorp (IN) Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Friday, October 2nd were issued a $0.16 dividend. The ex-dividend date was Friday, October 2nd. This represents a $0.64 annualized dividend and a yield of 3.0%. Horizon Bancorp (IN)'s payout ratio is 30.62%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in HBNC. BlackRock Inc. purchased a new position in Horizon Bancorp (IN) in the second quarter valued at about $143,890,000. Jennison Associates LLC raised its holdings in Horizon Bancorp (IN) by 29.3% in the 1st quarter. Jennison Associates LLC now owns 1,605,798 shares of the financial services provider's stock valued at $26,608,000 after acquiring an additional 363,433 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in Horizon Bancorp (IN) in the second quarter worth $21,797,000. Bank of New York Mellon Corp bought a new stake in Horizon Bancorp (IN) in the 2nd quarter valued at $5,784,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Horizon Bancorp (IN) during the second quarter valued at approximately $3,906,000. 64.51% of the stock is owned by hedge funds and other institutional investors.

About Horizon Bancorp (IN)

Horizon Bancorp, Inc is a bank holding company headquartered in Michigan City, Indiana. Through its principal subsidiary, Horizon Bank, the company provides banking and financial services to individuals, families, businesses and public-sector organizations.

Horizon Bank offers deposit accounts, consumer and commercial lending, residential mortgage services, cash-management and treasury-management solutions, online and mobile banking, and other customary banking products. Its lending activities include commercial real estate, business, residential real estate and consumer loans.

Founded in 1873, Horizon has developed as a community banking organization serving customers through branches and other delivery channels in northern and central Indiana and southwestern Michigan.

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