Analysts Set Horizon Bancorp (IN) (NASDAQ:HBNC) Target Price at $20.67

Horizon Bancorp (IN) (NASDAQ:HBNC) has been given a consensus recommendation of “Hold” by the five brokerages that are covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $20.6667.

A number of equities analysts have issued reports on the stock. Piper Sandler reissued a “neutral” rating and set a $21.00 price target (down from $22.00) on shares of Horizon Bancorp (IN) in a research report on Monday, April 27th. Wall Street Zen lowered shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research report on Saturday. Zacks Research raised shares of Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Stephens assumed coverage on shares of Horizon Bancorp (IN) in a research report on Friday, March 27th. They set an “overweight” rating and a $20.00 price target for the company. Finally, Weiss Ratings raised shares of Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, April 24th.

Horizon Bancorp (IN) Stock Performance

Shares of Horizon Bancorp (IN) stock opened at $18.34 on Monday. The firm has a market capitalization of $941.39 million, a P/E ratio of -5.77 and a beta of 0.83. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The company has a 50 day moving average price of $17.33 and a 200 day moving average price of $17.28. Horizon Bancorp has a 52 week low of $14.34 and a 52 week high of $19.07.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.48 by $0.03. The firm had revenue of $73.48 million during the quarter, compared to analyst estimates of $76.11 million. Horizon Bancorp (IN) had a negative net margin of 37.28% and a positive return on equity of 12.41%. Sell-side analysts expect that Horizon Bancorp will post 2.1 EPS for the current year.

Horizon Bancorp (IN) Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Friday, April 3rd were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 3.5%. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is currently -20.13%.

Hedge Funds Weigh In On Horizon Bancorp (IN)

A number of institutional investors have recently bought and sold shares of the business. State of Alaska Department of Revenue purchased a new position in shares of Horizon Bancorp (IN) during the 3rd quarter valued at approximately $28,000. EverSource Wealth Advisors LLC increased its holdings in shares of Horizon Bancorp (IN) by 65.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 660 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Horizon Bancorp (IN) by 93.5% during the 1st quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,388 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Horizon Bancorp (IN) by 160.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock valued at $101,000 after purchasing an additional 4,024 shares in the last quarter. Finally, Rossby Financial LCC purchased a new position in shares of Horizon Bancorp (IN) during the 4th quarter valued at approximately $124,000. 64.51% of the stock is owned by hedge funds and other institutional investors.

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.