Horizon Bancorp (IN) (NASDAQ:HBNC) Sets New 12-Month High on Strong Earnings

Horizon Bancorp (IN) (NASDAQ:HBNC)’s stock price reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $18.88 and last traded at $18.60, with a volume of 154316 shares changing hands. The stock had previously closed at $18.24.

The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.03. Horizon Bancorp (IN) had a positive return on equity of 10.01% and a negative net margin of 51.01%.The business had revenue of $64.53 million for the quarter, compared to analyst estimates of $74.35 million.

Horizon Bancorp (IN) Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 16th. Investors of record on Friday, January 2nd were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Friday, January 2nd. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is presently -16.28%.

Analyst Upgrades and Downgrades

HBNC has been the subject of several research analyst reports. Weiss Ratings restated a “sell (d)” rating on shares of Horizon Bancorp (IN) in a research note on Monday, December 29th. Zacks Research cut Horizon Bancorp (IN) from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Horizon Bancorp (IN) in a research note on Tuesday, December 2nd. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $19.67.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Several hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Horizon Bancorp (IN) by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock worth $388,000 after buying an additional 1,057 shares in the last quarter. Empowered Funds LLC grew its position in shares of Horizon Bancorp (IN) by 28.5% in the 1st quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider’s stock worth $2,269,000 after buying an additional 33,355 shares during the period. Jane Street Group LLC bought a new position in shares of Horizon Bancorp (IN) in the 1st quarter worth about $1,231,000. Wedge Capital Management L L P NC purchased a new position in Horizon Bancorp (IN) during the 2nd quarter valued at about $818,000. Finally, Inspire Investing LLC lifted its position in Horizon Bancorp (IN) by 11.6% during the 2nd quarter. Inspire Investing LLC now owns 25,328 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 2,635 shares during the period. 64.51% of the stock is owned by hedge funds and other institutional investors.

Horizon Bancorp (IN) Price Performance

The firm’s 50 day moving average is $17.23 and its 200 day moving average is $16.40. The firm has a market cap of $952.69 million, a P/E ratio of -4.73 and a beta of 0.82. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.91 and a quick ratio of 0.91.

About Horizon Bancorp (IN)

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.