Horizon Bancorp (IN) (NASDAQ:HBNC) Sets New 1-Year High – Time to Buy?

Shares of Horizon Bancorp (IN) (NASDAQ:HBNC) hit a new 52-week high on Tuesday . The company traded as high as $19.32 and last traded at $19.3010, with a volume of 54092 shares trading hands. The stock had previously closed at $18.90.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on HBNC shares. Stephens started coverage on Horizon Bancorp (IN) in a report on Friday, March 27th. They issued an “overweight” rating and a $20.00 price objective on the stock. Piper Sandler restated a “neutral” rating and issued a $21.00 price objective (down from $22.00) on shares of Horizon Bancorp (IN) in a report on Monday, April 27th. Zacks Research upgraded Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Wall Street Zen lowered Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a report on Saturday, May 23rd. Finally, Weiss Ratings upgraded Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, April 24th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $20.67.

Horizon Bancorp (IN) Stock Up 0.8%

The business has a 50-day moving average of $18.01 and a 200-day moving average of $17.53. 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 stock has a market capitalization of $992.21 million, a price-to-earnings ratio of -6.08 and a beta of 0.83.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its quarterly earnings data 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 firm had revenue of $73.48 million during the quarter, compared to the consensus estimate of $76.11 million. Horizon Bancorp (IN) had a positive return on equity of 12.41% and a negative net margin of 37.28%. On average, sell-side analysts expect that Horizon Bancorp will post 2.1 EPS for the current year.

Horizon Bancorp (IN) Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Friday, April 3rd were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Thursday, April 2nd. Horizon Bancorp (IN)’s payout ratio is currently -20.13%.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 buying an additional 1,057 shares during the period. Empowered Funds LLC boosted its stake in shares of Horizon Bancorp (IN) by 28.5% in the 1st quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider’s stock valued at $2,269,000 after buying an additional 33,355 shares during the period. Jane Street Group LLC purchased a new position in shares of Horizon Bancorp (IN) in the 1st quarter valued at about $1,231,000. Rhumbline Advisers boosted its stake in shares of Horizon Bancorp (IN) by 3.2% in the 2nd 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 period. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Horizon Bancorp (IN) in the 2nd quarter valued at about $816,000. 64.51% of the stock is owned by institutional investors and hedge funds.

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.