Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Price Breaks Above 200 Day Moving Average – Time to Sell?

Horizon Bancorp (IN) (NASDAQ:HBNC) shares crossed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $19.02 and traded as high as $19.60. Horizon Bancorp (IN) shares last traded at $19.50, with a volume of 707,278 shares traded.

Analysts Set New Price Targets

A number of research firms have weighed in on HBNC. Piper Sandler upgraded Horizon Bancorp (IN) from a “neutral” rating to an “overweight” rating and raised their price target for the company from $23.00 to $24.00 in a research note on Friday, October 2nd. Keefe, Bruyette & Woods upped their price objective on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Wall Street Zen raised Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a report on Sunday, August 16th. Weiss Ratings raised shares of Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday. Finally, Stephens restated an “overweight” rating and set a $21.00 target price on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Horizon Bancorp (IN) currently has a consensus rating of “Moderate Buy” and an average target price of $22.67.

Horizon Bancorp (IN) Stock Performance

The company has a debt-to-equity ratio of 0.21, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a 50-day moving average price of $19.71 and a 200-day moving average price of $19.02. The company has a market capitalization of $989.00 million, a price-to-earnings ratio of -6.09 and a beta of 0.84.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its earnings results 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 business had revenue of $75.50 million for the quarter, compared to analyst estimates of $76.56 million. Horizon Bancorp (IN) had a positive return on equity of 13.31% and a negative net margin of 36.38%. As a group, analysts forecast that Horizon Bancorp will post 2.08 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, October 2nd will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Friday, October 2nd. Horizon Bancorp (IN)’s payout ratio is currently -20.25%.

Insider Buying and Selling at Horizon Bancorp (IN)

In related news, EVP Kathie DeRuiter sold 8,000 shares of Horizon Bancorp (IN) stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $20.19, for a total transaction of $161,520.00. Following the completion of the sale, the executive vice president directly owned 50,346 shares of the company’s stock, valued at approximately $1,016,485.74. This trade represents a 13.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.19% of the company’s stock.

Institutional Investors Weigh In On Horizon Bancorp (IN)

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE raised its stake in Horizon Bancorp (IN) by 83.8% in the 1st quarter. Bank of America Corp DE now owns 141,340 shares of the financial services provider’s stock worth $2,342,000 after purchasing an additional 64,437 shares in the last quarter. Man Group plc acquired a new position in shares of Horizon Bancorp (IN) during the 2nd quarter worth approximately $1,374,000. Oxford Financial Group LTD. LLC acquired a new position in shares of Horizon Bancorp (IN) during the 2nd quarter worth approximately $1,655,000. The Manufacturers Life Insurance Company bought a new position in shares of Horizon Bancorp (IN) during the second quarter worth approximately $21,797,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of Horizon Bancorp (IN) in the second quarter valued at approximately $1,095,000. Institutional investors and hedge funds own 64.51% of the company’s stock.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp, Inc is the bank holding company for Horizon Bank, a full-service community bank headquartered in Michigan City, Indiana. The company provides banking and financial services to individuals, families, businesses and municipalities through a network of branches and digital banking channels.

Horizon Bank offers deposit products, residential and commercial real estate loans, consumer lending, commercial and industrial financing, agricultural loans and other credit services.