Horizon Bancorp (IN) (NASDAQ:HBNC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Horizon Bancorp (IN) (NASDAQ:HBNC) from a hold rating to a buy rating in a research note issued to investors on Tuesday.

Several other equities analysts have also recently weighed in on the stock. Weiss Ratings cut shares of Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, July 21st. Keefe, Bruyette & Woods increased their price target on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Piper Sandler reissued a “neutral” rating and issued a $23.00 price objective (up from $21.00) on shares of Horizon Bancorp (IN) in a research report on Friday, July 24th. Finally, Stephens reissued an “overweight” rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $22.33.

Horizon Bancorp (IN) Stock Performance

Shares of NASDAQ HBNC opened at $20.58 on Tuesday. The stock has a 50 day moving average price of $19.54 and a 200 day moving average price of $18.16. Horizon Bancorp has a 52 week low of $14.84 and a 52 week high of $21.04. 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 $1.06 billion, a PE ratio of -6.51 and a beta of 0.82.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.02). Horizon Bancorp (IN) had a positive return on equity of 13.52% and a negative net margin of 36.38%.The company had revenue of $75.50 million for the quarter, compared to analyst estimates of $76.56 million. Analysts predict that Horizon Bancorp will post 2.08 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

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

Insider Buying and Selling at Horizon Bancorp (IN)

In related news, EVP Kathie A. Deruiter sold 8,000 shares of the business’s 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 transaction, the executive vice president directly owned 50,346 shares of the company’s stock, valued at approximately $1,016,485.74. The trade was a 13.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.19% of the company’s stock.

Institutional Investors Weigh In On Horizon Bancorp (IN)

Hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its position in Horizon Bancorp (IN) by 65.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 660 shares during the period. Royal Bank of Canada raised its position in shares of 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 valued at $48,000 after purchasing an additional 1,388 shares during the period. Tower Research Capital LLC TRC raised its position in shares of 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 purchasing an additional 4,024 shares during the period. Rossby Financial LCC acquired a new stake in shares of Horizon Bancorp (IN) during the 4th quarter worth about $124,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Horizon Bancorp (IN) during the 2nd quarter worth about $134,000. Institutional investors and hedge funds 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.