Horizon Bancorp (IN) (NASDAQ:HBNC) Hits New 1-Year High – What’s Next?

Horizon Bancorp (IN) (NASDAQ:HBNC) shares hit a new 52-week high on Thursday . The company traded as high as $20.51 and last traded at $20.48, with a volume of 841077 shares. The stock had previously closed at $19.98.

Wall Street Analysts Forecast Growth

HBNC has been the subject of a number of analyst reports. Weiss Ratings raised shares of Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, April 24th. Piper Sandler reissued a “neutral” rating and issued a $21.00 target price (down from $22.00) on shares of Horizon Bancorp (IN) in a research report on Monday, April 27th. Zacks Research upgraded shares of Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Wall Street Zen downgraded shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research report on Saturday, May 23rd. Finally, Stephens reaffirmed an “overweight” rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a research note on Wednesday. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $21.00.

Horizon Bancorp (IN) Trading Up 2.5%

The company has a market cap of $1.05 billion, a PE ratio of -6.44 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.90 and a current ratio of 0.91. The company has a 50 day simple moving average of $18.71 and a two-hundred day simple moving average of $17.79.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. The business 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 forecast that Horizon Bancorp will post 2.1 EPS for the current year.

Horizon Bancorp (IN) Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, July 3rd will be given a $0.16 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 3.1%. Horizon Bancorp (IN)’s dividend payout ratio is presently -20.13%.

Institutional Investors Weigh In On Horizon Bancorp (IN)

A number of institutional investors have recently modified their holdings of the stock. Bayview Asset Management LLC increased its stake in shares of Horizon Bancorp (IN) by 0.7% in the fourth quarter. Bayview Asset Management LLC now owns 95,462 shares of the financial services provider’s stock worth $1,619,000 after acquiring an additional 645 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Horizon Bancorp (IN) by 65.6% in the fourth 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. Rafferty Asset Management LLC grew its stake in Horizon Bancorp (IN) by 3.9% in the second quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider’s stock valued at $382,000 after purchasing an additional 941 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Horizon Bancorp (IN) by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock worth $388,000 after purchasing an additional 1,057 shares during the last quarter. Finally, Wedge Capital Management L L P NC increased its position in Horizon Bancorp (IN) by 2.4% in the 4th quarter. Wedge Capital Management L L P NC now owns 50,097 shares of the financial services provider’s stock worth $850,000 after purchasing an additional 1,193 shares during the last quarter. Institutional investors and hedge funds 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.