Horizon Bancorp (NASDAQ:HBNC) Reaches New 12-Month High – Here’s What Happened

Horizon Bancorp, Inc. (NASDAQ:HBNC)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $18.85 and last traded at $18.79, with a volume of 6781 shares changing hands. The stock had previously closed at $18.76.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on HBNC shares. Hovde Group initiated coverage on Horizon Bancorp in a report on Monday, September 30th. They issued an “outperform” rating and a $18.00 price target for the company. StockNews.com upgraded shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Piper Sandler raised their price target on shares of Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods upped their price objective on Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $16.00.

Horizon Bancorp Price Performance

The firm has a market capitalization of $806.01 million, a price-to-earnings ratio of 40.04 and a beta of 1.03. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 2.02. The company’s fifty day moving average is $15.82 and its two-hundred day moving average is $14.23.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Horizon Bancorp had a return on equity of 8.36% and a net margin of 5.89%. The company had revenue of $102.40 million for the quarter, compared to the consensus estimate of $58.23 million. During the same quarter in the prior year, the business posted $0.37 EPS. Equities research analysts anticipate that Horizon Bancorp, Inc. will post 1.4 earnings per share for the current fiscal year.

Horizon Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Friday, October 4th were paid a $0.16 dividend. The ex-dividend date was Friday, October 4th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.47%. Horizon Bancorp’s dividend payout ratio (DPR) is presently 136.17%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. EMC Capital Management boosted its position in shares of Horizon Bancorp by 11.0% during the first quarter. EMC Capital Management now owns 10,773 shares of the financial services provider’s stock worth $138,000 after purchasing an additional 1,064 shares in the last quarter. Meritage Portfolio Management lifted its holdings in Horizon Bancorp by 9.1% during the third quarter. Meritage Portfolio Management now owns 19,796 shares of the financial services provider’s stock worth $308,000 after acquiring an additional 1,658 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Horizon Bancorp by 16.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,347 shares of the financial services provider’s stock valued at $159,000 after acquiring an additional 1,749 shares during the period. Rhumbline Advisers grew its stake in Horizon Bancorp by 3.2% in the second quarter. Rhumbline Advisers now owns 68,944 shares of the financial services provider’s stock valued at $853,000 after acquiring an additional 2,120 shares during the period. Finally, Pathway Financial Advisers LLC increased its holdings in shares of Horizon Bancorp by 44.1% in the second quarter. Pathway Financial Advisers LLC now owns 8,956 shares of the financial services provider’s stock worth $111,000 after acquiring an additional 2,740 shares in the last quarter. Institutional investors and hedge funds own 64.51% of the company’s stock.

About Horizon Bancorp

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.