Brokerages Set Horizon Bancorp (IN) (NASDAQ:HBNC) Target Price at $20.33

Shares of Horizon Bancorp (IN) (NASDAQ:HBNC) have received an average rating of “Hold” from the five brokerages that are covering the company, MarketBeat reports. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $20.3333.

HBNC has been the topic of several research analyst reports. Zacks Research cut shares of Horizon Bancorp (IN) from a “hold” rating to a “strong sell” rating in a research note on Monday, February 2nd. Weiss Ratings restated a “sell (d)” rating on shares of Horizon Bancorp (IN) in a research report on Monday, December 29th. Finally, Keefe, Bruyette & Woods raised their price target on Horizon Bancorp (IN) from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, January 23rd.

Horizon Bancorp (IN) Stock Performance

Horizon Bancorp (IN) stock opened at $18.68 on Friday. The firm has a market capitalization of $956.79 million, a P/E ratio of -5.93 and a beta of 0.83. The stock has a fifty day moving average price of $17.62 and a two-hundred day moving average price of $16.60. Horizon Bancorp has a 52-week low of $12.70 and a 52-week high of $19.07. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.91 and a quick ratio of 0.91.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its earnings results on Wednesday, January 21st. The financial services provider reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.03. The business had revenue of $64.53 million for the quarter, compared to analyst estimates of $74.35 million. Horizon Bancorp (IN) had a negative net margin of 37.12% and a positive return on equity of 11.56%. As a group, analysts anticipate that Horizon Bancorp will post 1.78 EPS for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 16th. Investors of record on Friday, January 2nd were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Friday, January 2nd. Horizon Bancorp (IN)’s payout ratio is currently -20.32%.

Institutional Investors Weigh In On Horizon Bancorp (IN)

A number of hedge funds have recently added to or reduced their stakes in HBNC. EverSource Wealth Advisors LLC raised its stake in shares of Horizon Bancorp (IN) by 65.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 660 shares during the last quarter. Rafferty Asset Management LLC increased its holdings in shares of Horizon Bancorp (IN) by 3.9% in the second quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider’s stock valued at $382,000 after purchasing an additional 941 shares in the last quarter. Keybank National Association OH raised its position in Horizon Bancorp (IN) by 7.6% in the 2nd quarter. Keybank National Association OH now owns 14,089 shares of the financial services provider’s stock worth $217,000 after purchasing an additional 1,000 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Horizon Bancorp (IN) by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock worth $388,000 after buying an additional 1,057 shares in the last quarter. Finally, Wedge Capital Management L L P NC boosted its position in Horizon Bancorp (IN) by 2.4% in the 4th quarter. Wedge Capital Management L L P NC now owns 50,097 shares of the financial services provider’s stock valued at $850,000 after buying an additional 1,193 shares during the last quarter. Institutional investors own 64.51% of the company’s stock.

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.