Horizon Bancorp (IN) (NASDAQ:HBNC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Horizon Bancorp (IN) (NASDAQ:HBNC) from a hold rating to a buy rating in a research report released on Saturday.

Other analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods upped their price objective on Horizon Bancorp (IN) from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Friday, January 23rd. Zacks Research cut Horizon Bancorp (IN) from a “hold” rating to a “strong sell” rating in a research report on Monday, February 2nd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Horizon Bancorp (IN) in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $20.33.

Horizon Bancorp (IN) Trading Up 2.5%

NASDAQ:HBNC opened at $16.20 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.59. Horizon Bancorp has a 12 month low of $12.70 and a 12 month high of $19.07. The company has a market cap of $829.93 million, a PE ratio of -5.14 and a beta of 0.82. The company has a 50 day simple moving average of $17.28 and a two-hundred day simple moving average of $16.82.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its earnings results on Wednesday, January 21st. The financial services provider reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.03. The business had revenue of $64.53 million during the quarter, compared to analyst estimates of $74.35 million. Horizon Bancorp (IN) had a negative net margin of 37.12% and a positive return on equity of 11.77%. Research analysts forecast that Horizon Bancorp will post 1.78 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 17th. Shareholders of record on Friday, April 3rd will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Thursday, April 2nd. Horizon Bancorp (IN)’s payout ratio is currently -20.32%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Horizon Bancorp (IN) by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock valued at $388,000 after acquiring an additional 1,057 shares during the period. Empowered Funds LLC raised its stake in Horizon Bancorp (IN) by 28.5% during the 1st quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider’s stock worth $2,269,000 after acquiring an additional 33,355 shares during the period. Jane Street Group LLC purchased a new position in Horizon Bancorp (IN) during the first quarter valued at approximately $1,231,000. Geode Capital Management LLC lifted its holdings in Horizon Bancorp (IN) by 1.1% during the second quarter. Geode Capital Management LLC now owns 1,096,524 shares of the financial services provider’s stock valued at $16,868,000 after purchasing an additional 12,465 shares in the last quarter. Finally, Creative Planning boosted its position in shares of Horizon Bancorp (IN) by 88.1% in the second quarter. Creative Planning now owns 115,125 shares of the financial services provider’s stock worth $1,771,000 after purchasing an additional 53,924 shares during the period. 64.51% of the stock is owned by hedge funds and other institutional investors.

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.