Horizon Bancorp (IN) (NASDAQ:HBNC) Price Target Raised to $23.00

Horizon Bancorp (IN) (NASDAQ:HBNC) had its target price hoisted by Keefe, Bruyette & Woods from $21.00 to $23.00 in a report issued on Friday morning,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

A number of other equities research analysts also recently issued reports on HBNC. Zacks Research raised shares of Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Stephens reaffirmed an “overweight” rating and set a $21.00 price objective on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Piper Sandler reaffirmed a “neutral” rating and set a $23.00 target price (up from $21.00) on shares of Horizon Bancorp (IN) in a report on Friday. Wall Street Zen cut shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Finally, Weiss Ratings downgraded shares of Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, July 21st. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $22.33.

Horizon Bancorp (IN) Stock Performance

NASDAQ:HBNC opened at $20.06 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.90 and a current ratio of 0.91. Horizon Bancorp has a 52-week low of $14.84 and a 52-week high of $20.66. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -6.35 and a beta of 0.82. The business’s fifty day moving average is $19.35 and its 200 day moving average is $18.06.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.02). The company had revenue of $75.50 million during the quarter, compared to the consensus estimate of $76.56 million. Horizon Bancorp (IN) had a positive return on equity of 13.52% and a negative net margin of 36.38%. Research analysts predict that Horizon Bancorp will post 2.09 EPS for the current year.

Horizon Bancorp (IN) Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Horizon Bancorp (IN)’s payout ratio is currently -20.25%.

Hedge Funds Weigh In On Horizon Bancorp (IN)

A number of institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted 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 worth $28,000 after acquiring an additional 660 shares during the last quarter. Royal Bank of Canada grew its position in Horizon Bancorp (IN) by 93.5% in the first quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 1,388 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Horizon Bancorp (IN) by 160.2% in the second quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock valued at $101,000 after acquiring an additional 4,024 shares during the last quarter. Rossby Financial LCC bought a new position in Horizon Bancorp (IN) in the fourth quarter valued at $124,000. Finally, Raymond James Financial Inc. bought a new position in Horizon Bancorp (IN) in the second quarter valued at $134,000. 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.