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

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

Analysts Set New Price Targets

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

Horizon Bancorp (IN) Trading Up 1.2%

The business has a fifty day moving average price of $17.89 and a 200 day moving average price of $17.48. The company has a market capitalization of $981.53 million, a PE ratio of -6.01 and a beta of 0.83. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.90 and a current ratio of 0.91.

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

Horizon Bancorp (IN) Dividend Announcement

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

Institutional Investors Weigh In On Horizon Bancorp (IN)

Large investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased its position 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 in the last quarter. Royal Bank of Canada boosted its holdings in Horizon Bancorp (IN) by 93.5% in the 1st quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 1,388 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Horizon Bancorp (IN) by 160.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock worth $101,000 after acquiring an additional 4,024 shares during the period. Rossby Financial LCC purchased a new position in Horizon Bancorp (IN) in the 4th quarter worth approximately $124,000. Finally, Raymond James Financial Inc. purchased a new position in Horizon Bancorp (IN) in the 2nd quarter worth approximately $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.