Horizon Bancorp (IN) (NASDAQ:HBNC) Now Covered by Stephens

Stephens began coverage on shares of Horizon Bancorp (IN) (NASDAQ:HBNC) in a research report released on Friday morning, MarketBeat reports. The firm issued an overweight rating and a $20.00 price target on the financial services provider’s stock.

Several other research analysts have also weighed in on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Horizon Bancorp (IN) from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, January 23rd. Zacks Research downgraded shares of Horizon Bancorp (IN) from a “hold” rating to a “strong sell” rating in a research note on Monday, February 2nd. Weiss Ratings reiterated a “sell (d)” rating on shares of Horizon Bancorp (IN) in a report on Monday, December 29th. Finally, Wall Street Zen raised Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research report on Saturday, March 21st. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $19.67.

Horizon Bancorp (IN) Price Performance

NASDAQ:HBNC opened at $16.21 on Friday. Horizon Bancorp has a 1-year low of $12.70 and a 1-year high of $19.07. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.59. The firm has a fifty day simple moving average of $17.19 and a 200 day simple moving average of $16.80. The stock has a market capitalization of $830.37 million, a PE ratio of -5.15 and a beta of 0.82.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.03. The firm had revenue of $64.53 million for 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%. On average, research analysts expect that Horizon Bancorp will post 1.78 EPS for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 17th. Stockholders of record on Friday, April 3rd will be given a $0.16 dividend. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $0.64 annualized dividend and a dividend yield of 3.9%. Horizon Bancorp (IN)’s dividend payout ratio is presently -20.32%.

Institutional Trading of Horizon Bancorp (IN)

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Horizon Bancorp (IN) by 5.9% during the 4th quarter. Vanguard Group Inc. now owns 3,189,417 shares of the financial services provider’s stock worth $54,093,000 after buying an additional 176,448 shares during the period. Dimensional Fund Advisors LP lifted its position in Horizon Bancorp (IN) by 3.0% during the third quarter. Dimensional Fund Advisors LP now owns 2,568,101 shares of the financial services provider’s stock worth $41,116,000 after acquiring an additional 75,462 shares during the last quarter. PL Capital Advisors LLC lifted its position in Horizon Bancorp (IN) by 7.2% during the fourth quarter. PL Capital Advisors LLC now owns 1,812,825 shares of the financial services provider’s stock worth $30,746,000 after acquiring an additional 121,651 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Horizon Bancorp (IN) during the third quarter worth approximately $24,842,000. Finally, State Street Corp boosted its holdings in shares of Horizon Bancorp (IN) by 19.9% during the fourth quarter. State Street Corp now owns 1,480,580 shares of the financial services provider’s stock worth $25,111,000 after acquiring an additional 245,416 shares during the period. Institutional investors own 64.51% of the company’s stock.

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.