Horizon Bancorp (IN) (NASDAQ:HBNC) Issues Earnings Results, Misses Estimates By $0.02 EPS

Horizon Bancorp (IN) (NASDAQ:HBNC) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02), FiscalAI reports. Horizon Bancorp (IN) had a positive return on equity of 12.41% and a negative net margin of 37.28%.The firm had revenue of $75.50 million during the quarter, compared to analyst estimates of $76.56 million.

Horizon Bancorp (IN) Stock Down 1.0%

HBNC traded down $0.21 during midday trading on Wednesday, hitting $20.20. 728,962 shares of the company’s stock traded hands, compared to its average volume of 444,560. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market cap of $1.04 billion, a PE ratio of -6.35 and a beta of 0.82. The stock’s fifty day simple moving average is $19.21 and its 200-day simple moving average is $17.99. Horizon Bancorp has a one year low of $14.84 and a one year high of $20.66.

Horizon Bancorp (IN) Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, July 3rd were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is presently -20.13%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Mercer Global Advisors Inc. ADV lifted its stake in shares of Horizon Bancorp (IN) by 34.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 17,092 shares of the financial services provider’s stock valued at $290,000 after purchasing an additional 4,354 shares during the last quarter. State of Tennessee Department of Treasury increased its position in Horizon Bancorp (IN) by 63.5% during the fourth quarter. State of Tennessee Department of Treasury now owns 32,186 shares of the financial services provider’s stock worth $567,000 after buying an additional 12,503 shares during the last quarter. EP Wealth Advisors LLC bought a new position in Horizon Bancorp (IN) during the fourth quarter valued at about $254,000. XTX Topco Ltd bought a new position in Horizon Bancorp (IN) during the fourth quarter valued at about $227,000. Finally, VARCOV Co. acquired a new stake in shares of Horizon Bancorp (IN) in the fourth quarter worth about $432,000. Institutional investors and hedge funds own 64.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on HBNC. Wall Street Zen lowered Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a report on Monday. 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 research report on Monday, April 27th. Zacks Research raised Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Stephens reissued an “overweight” rating and issued a $21.00 price target on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Finally, Weiss Ratings upgraded shares of Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, July 6th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $21.00.

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.