Horizon Bancorp (IN) (NASDAQ:HBNC) Receives Average Rating of “Hold” from Analysts

Horizon Bancorp (IN) (NASDAQ:HBNC) has been assigned a consensus rating of “Hold” from the five analysts that are currently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $22.3333.

HBNC has been the topic of several recent analyst reports. Stephens reiterated an “overweight” rating and issued a $21.00 price target on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Weiss Ratings downgraded Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, July 21st. Wall Street Zen raised Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research report on Tuesday. Keefe, Bruyette & Woods upped their target price on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Finally, Piper Sandler reiterated a “neutral” rating and set a $23.00 target price (up from $21.00) on shares of Horizon Bancorp (IN) in a research note on Friday, July 24th.

Insider Transactions at Horizon Bancorp (IN)

In other Horizon Bancorp (IN) news, EVP Kathie A. Deruiter sold 8,000 shares of the stock in a transaction on Monday, July 27th. The shares were sold at an average price of $20.19, for a total transaction of $161,520.00. Following the transaction, the executive vice president directly owned 50,346 shares in the company, valued at $1,016,485.74. This represents a 13.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Horizon Bancorp (IN)

Several hedge funds and other institutional investors have recently modified their holdings of HBNC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 valued at $388,000 after purchasing an additional 1,057 shares in the last quarter. Empowered Funds LLC grew its stake in Horizon Bancorp (IN) by 28.5% in the first quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider’s stock worth $2,269,000 after purchasing an additional 33,355 shares in the last quarter. Jane Street Group LLC acquired a new position in Horizon Bancorp (IN) in the first quarter worth about $1,231,000. Rhumbline Advisers increased its holdings in Horizon Bancorp (IN) by 3.2% in the second quarter. Rhumbline Advisers now owns 68,401 shares of the financial services provider’s stock valued at $1,052,000 after buying an additional 2,093 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Horizon Bancorp (IN) in the second quarter valued at about $816,000. Institutional investors own 64.51% of the company’s stock.

Horizon Bancorp (IN) Stock Performance

Horizon Bancorp (IN) stock opened at $20.45 on Friday. Horizon Bancorp has a 12-month low of $14.84 and a 12-month high of $21.04. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of -6.47 and a beta of 0.82. The firm’s fifty day moving average price is $19.59 and its 200 day moving average price is $18.18.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02). The firm had revenue of $75.50 million during the quarter, compared to analysts’ expectations of $76.56 million. Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.52%. On average, research analysts forecast that Horizon Bancorp will post 2.07 EPS for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, July 3rd were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.64 annualized dividend and a yield of 3.1%. Horizon Bancorp (IN)’s dividend payout ratio is currently -20.25%.

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.