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

Horizon Bancorp (IN) (NASDAQ:HBNC) shares reached a new 52-week high on Friday . The stock traded as high as $20.00 and last traded at $19.7960, with a volume of 39775 shares traded. The stock had previously closed at $19.78.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on HBNC. Stephens started coverage on shares of Horizon Bancorp (IN) in a research note on Friday, March 27th. They set an “overweight” rating and a $20.00 price target on the stock. Weiss Ratings raised Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, April 24th. Wall Street Zen downgraded Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research report on Saturday, May 23rd. Piper Sandler reissued a “neutral” rating and set a $21.00 price target (down from $22.00) on shares of Horizon Bancorp (IN) in a report on Monday, April 27th. Finally, Zacks Research upgraded Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Horizon Bancorp (IN) has an average rating of “Hold” and an average target price of $20.67.

Horizon Bancorp (IN) Trading Up 0.0%

The stock’s 50 day moving average price is $18.52 and its 200-day moving average price is $17.72. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $1.02 billion, a PE ratio of -6.23 and a beta of 0.83.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The company had revenue of $73.48 million for the quarter, compared to analysts’ expectations of $76.11 million. Horizon Bancorp (IN) had a negative net margin of 37.28% and a positive return on equity of 12.41%. On average, sell-side analysts expect that Horizon Bancorp will post 2.1 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, July 3rd will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 3.2%. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is currently -20.13%.

Institutional Trading of Horizon Bancorp (IN)

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Siena Capital Partners GP LLC bought a new stake in shares of Horizon Bancorp (IN) in the third quarter worth about $2,093,000. Stieven Capital Advisors L.P. boosted its stake in Horizon Bancorp (IN) by 18.4% during the fourth quarter. Stieven Capital Advisors L.P. now owns 444,000 shares of the financial services provider’s stock valued at $7,530,000 after buying an additional 69,000 shares during the last quarter. Elizabeth Park Capital Advisors Ltd. bought a new position in Horizon Bancorp (IN) during the third quarter valued at approximately $1,227,000. JPMorgan Chase & Co. grew its holdings in Horizon Bancorp (IN) by 452.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 363,548 shares of the financial services provider’s stock valued at $5,820,000 after buying an additional 297,799 shares in the last quarter. Finally, Maltese Capital Management LLC grew its holdings in Horizon Bancorp (IN) by 9.3% during the 3rd quarter. Maltese Capital Management LLC now owns 841,700 shares of the financial services provider’s stock valued at $13,476,000 after buying an additional 71,700 shares in the last quarter. Institutional investors own 64.51% of the company’s stock.

Horizon Bancorp (IN) Company Profile

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.