Horizon Bancorp (IN) (NASDAQ:HBNC) Issues Quarterly Earnings Results

Horizon Bancorp (IN) (NASDAQ:HBNC) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.03, Zacks reports. The firm had revenue of $64.53 million during the quarter, compared to analyst estimates of $74.35 million. Horizon Bancorp (IN) had a positive return on equity of 10.01% and a negative net margin of 51.01%.

Horizon Bancorp (IN) Trading Up 5.6%

NASDAQ:HBNC opened at $18.24 on Thursday. The firm has a market capitalization of $934.25 million, a P/E ratio of -4.64 and a beta of 0.82. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.32. The company has a fifty day moving average of $17.23 and a 200 day moving average of $16.40. Horizon Bancorp has a 52 week low of $12.70 and a 52 week high of $18.70.

Horizon Bancorp (IN) Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 16th. Investors of record on Friday, January 2nd were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, January 2nd. Horizon Bancorp (IN)’s payout ratio is presently -16.28%.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Several hedge funds and other institutional investors have recently modified their holdings of HBNC. Rafferty Asset Management LLC lifted its stake in Horizon Bancorp (IN) by 3.9% during the 2nd quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider’s stock valued at $382,000 after acquiring an additional 941 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Horizon Bancorp (IN) by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock valued at $388,000 after purchasing an additional 1,057 shares during the period. Intech Investment Management LLC lifted its position in Horizon Bancorp (IN) by 8.2% during the third quarter. Intech Investment Management LLC now owns 20,790 shares of the financial services provider’s stock valued at $333,000 after purchasing an additional 1,569 shares during the period. Comerica Bank boosted its holdings in Horizon Bancorp (IN) by 12.7% in the third quarter. Comerica Bank now owns 14,659 shares of the financial services provider’s stock worth $235,000 after purchasing an additional 1,649 shares during the last quarter. Finally, First Trust Advisors LP grew its position in Horizon Bancorp (IN) by 7.2% in the 2nd quarter. First Trust Advisors LP now owns 28,372 shares of the financial services provider’s stock worth $436,000 after purchasing an additional 1,905 shares during the period. 64.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

HBNC has been the subject of a number of recent research reports. Weiss Ratings restated a “sell (d)” rating on shares of Horizon Bancorp (IN) in a research report on Monday, December 29th. Zacks Research lowered shares of Horizon Bancorp (IN) from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Horizon Bancorp (IN) in a research note on Tuesday, December 2nd. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $19.67.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp (NASDAQ: HBNC) is a financial holding company headquartered in Columbus, Indiana, offering community banking and wealth management services through its subsidiary, Horizon Bank. As a locally focused institution, it provides a full range of retail and commercial banking products, including checking and savings accounts, consumer and mortgage lending, commercial real estate financing, and treasury management solutions.

In addition to traditional deposit and loan products, Horizon Bancorp’s services encompass investment advisory and trust administration, retirement planning, and insurance products.