Horizon Bancorp (IN) (NASDAQ:HBNC) Share Price Crosses Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• Horizon Bancorp shares rose above their 200-day moving average, trading as high as $19.60 and last at $19.50, compared with a 200-day average of $19.02.
• Analyst sentiment is broadly positive: Piper Sandler upgraded the stock to “overweight,” while the consensus rating is “Moderate Buy” with an average price target of $22.67.
• The company declared a quarterly dividend of $0.16, equivalent to $0.64 annually and a 3.3% yield. However, its latest quarterly earnings and revenue slightly missed analyst estimates, and the company reported a negative net margin.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report)'s share price crossed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $19.02 and traded as high as $19.60. Horizon Bancorp (IN) shares last traded at $19.50, with a volume of 707,278 shares.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Piper Sandler raised Horizon Bancorp (IN) from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $23.00 to $24.00 in a research note on Friday, October 2nd. Stephens reiterated an "overweight" rating and set a $21.00 target price on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. 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. Wall Street Zen raised shares of Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a research note on Sunday, August 16th. Finally, Weiss Ratings raised shares of Horizon Bancorp (IN) from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Horizon Bancorp (IN) has an average rating of "Moderate Buy" and an average target price of $22.67.

Horizon Bancorp (IN) Stock Performance

The stock has a market cap of $1.00 billion, a P/E ratio of -6.17 and a beta of 0.84. The company has a fifty day moving average price of $19.73 and a 200 day moving average price of $19.02. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.92 and a quick ratio of 0.92.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $0.51 by ($0.02). Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%. The business had revenue of $75.50 million during the quarter, compared to the consensus estimate of $76.56 million. On average, equities analysts expect that Horizon Bancorp will post 2.08 EPS for the current year.

Horizon Bancorp (IN) Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, October 2nd will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Friday, October 2nd. Horizon Bancorp (IN)'s dividend payout ratio is presently -20.25%.

Insider Activity

In other news, EVP Kathie DeRuiter sold 8,000 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $20.19, for a total value of $161,520.00. Following the completion of the sale, the executive vice president owned 50,346 shares in the company, valued at $1,016,485.74. This represents a 13.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP purchased a new stake in Horizon Bancorp (IN) in the 2nd quarter valued at about $31,000. Royal Bank of Canada boosted its stake in shares of Horizon Bancorp (IN) by 93.5% in the 1st quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider's stock worth $48,000 after buying an additional 1,388 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Horizon Bancorp (IN) in the second quarter valued at approximately $52,000. Quantbot Technologies LP bought a new position in shares of Horizon Bancorp (IN) in the second quarter valued at approximately $70,000. Finally, AMG National Trust Bank purchased a new stake in shares of Horizon Bancorp (IN) during the second quarter valued at approximately $200,000. 64.51% of the stock is currently owned by hedge funds and other institutional investors.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp, Inc is the bank holding company for Horizon Bank, a full-service community bank headquartered in Michigan City, Indiana. The company provides banking and financial services to individuals, families, businesses and municipalities through a network of branches and digital banking channels.

Horizon Bank offers deposit products, residential and commercial real estate loans, consumer lending, commercial and industrial financing, agricultural loans and other credit services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.