Horizon Bancorp (IN) (NASDAQ:HBNC) Shares Pass Above 200-Day Moving Average – Here’s Why

Horizon Bancorp (IN) (NASDAQ:HBNC) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $17.45 and traded as high as $19.04. Horizon Bancorp (IN) shares last traded at $18.75, with a volume of 568,154 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on HBNC. Piper Sandler restated a “neutral” rating and issued a $21.00 price target (down from $22.00) on shares of Horizon Bancorp (IN) in a research report on Monday, April 27th. Wall Street Zen cut shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research note on Saturday, May 23rd. Weiss Ratings upgraded shares of Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, April 24th. Zacks Research upgraded shares of Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Finally, Stephens initiated coverage on shares of Horizon Bancorp (IN) in a report on Friday, March 27th. They set an “overweight” rating and a $20.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $20.67.

Horizon Bancorp (IN) Price Performance

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’s 50-day moving average is $17.84 and its 200-day moving average is $17.45. The firm has a market cap of $962.44 million, a P/E ratio of -5.90 and a beta of 0.83.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. Horizon Bancorp (IN) had a negative net margin of 37.28% and a positive return on equity of 12.41%. The firm had revenue of $73.48 million for the quarter, compared to the consensus estimate of $76.11 million. As a group, equities analysts anticipate that Horizon Bancorp will post 2.1 EPS for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 17th. Investors of record on Friday, April 3rd 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 Thursday, April 2nd. Horizon Bancorp (IN)’s payout ratio is currently -20.13%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 purchasing an additional 1,057 shares during the last quarter. Empowered Funds LLC grew its position 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 purchasing an additional 33,355 shares during the period. Jane Street Group LLC acquired a new position in shares of Horizon Bancorp (IN) in the 1st quarter valued at approximately $1,231,000. Rhumbline Advisers boosted its position in Horizon Bancorp (IN) by 3.2% during the 2nd quarter. Rhumbline Advisers now owns 68,401 shares of the financial services provider’s stock worth $1,052,000 after acquiring an additional 2,093 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Horizon Bancorp (IN) in the 2nd quarter valued at approximately $816,000. 64.51% of the stock is owned by institutional investors.

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.