Wall Street Zen Downgrades Horizon Bancorp (IN) (NASDAQ:HBNC) to Hold

Key Points

• Wall Street Zen downgraded Horizon Bancorp (IN) from a "buy" rating to a "hold" rating, signaling a change in sentiment among analysts.
• Piper Sandler also lowered their target price for the stock from $18.00 to $17.00, while Keefe, Bruyette & Woods raised it from $17.00 to $18.00.
• Horizon Bancorp reported $0.47 earnings per share for the last quarter, exceeding expectations by $0.03, while revenue was slightly below expectations at $66.27 million.

Wall Street Zen cut shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) from a buy rating to a hold rating in a research report sent to investors on Saturday.

HBNC has been the topic of a number of other research reports. Keefe, Bruyette & Woods increased 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. Piper Sandler reduced their price target on Horizon Bancorp (IN) from $18.00 to $17.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th.

Horizon Bancorp (IN) Trading Up 0.1%

NASDAQ HBNC traded up $0.02 on Friday, reaching $15.98. The company had a trading volume of 399,130 shares, compared to its average volume of 169,694. The stock's 50 day moving average is $15.33 and its 200-day moving average is $15.47. The stock has a market cap of $703.36 million, a price-to-earnings ratio of 13.66 and a beta of 0.84. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.15. Horizon Bancorp has a 52 week low of $12.70 and a 52 week high of $19.18.

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

Horizon Bancorp (IN) Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend was Thursday, July 3rd. Horizon Bancorp (IN)'s payout ratio is 54.70%.

Institutional Trading of Horizon Bancorp (IN)

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Aquatic Capital Management LLC purchased a new position in shares of Horizon Bancorp (IN) in the 4th quarter worth approximately $51,000. Quarry LP raised 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 worth $56,000 after buying an additional 1,352 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Horizon Bancorp (IN) in the fourth quarter valued at $82,000. Quantbot Technologies LP grew its stake in shares of Horizon Bancorp (IN) by 4,298.5% during the fourth quarter. Quantbot Technologies LP now owns 8,753 shares of the financial services provider's stock valued at $141,000 after buying an additional 8,554 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Horizon Bancorp (IN) in the fourth quarter worth about $143,000. 64.51% of the stock is owned by institutional investors.

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.