Horizon Bancorp (IN) (NASDAQ:HBNC) Reaches New 12-Month High – Here’s Why

Shares of Horizon Bancorp (IN) (NASDAQ:HBNC) hit a new 52-week high during trading on Wednesday. The stock traded as high as $21.50 and last traded at $21.4950, with a volume of 202 shares traded. The stock had previously closed at $21.01.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Piper Sandler reiterated an “overweight” rating and issued a $25.00 price target (up from $24.00) on shares of Horizon Bancorp (IN) in a report on Friday, October 23rd. Wall Street Zen upgraded Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a report on Sunday, August 16th. Stephens increased their target price on Horizon Bancorp (IN) from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Monday, October 26th. Keefe, Bruyette & Woods lifted their target price on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Finally, Weiss Ratings lowered Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, October 21st. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.00.

Horizon Bancorp (IN) Price Performance

The stock has a market cap of $1.10 billion, a PE ratio of 10.28 and a beta of 0.82. The business has a fifty day moving average of $19.65 and a 200 day moving average of $18.73. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.92 and a quick ratio of 0.92.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, October 21st. The financial services provider reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.02. Horizon Bancorp (IN) had a return on equity of 15.14% and a net margin of 26.52%. The business had revenue of $77.09 million during the quarter, compared to the consensus estimate of $77.99 million. Sell-side analysts anticipate that Horizon Bancorp will post 2.10 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 16th. Stockholders of record on Friday, October 2nd were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, October 2nd. Horizon Bancorp (IN)’s dividend payout ratio is currently 30.62%.

Institutional Trading of Horizon Bancorp (IN)

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Horizon Bancorp (IN) during the second quarter worth $143,890,000. Jennison Associates LLC boosted its stake in shares of Horizon Bancorp (IN) by 29.3% in the 1st quarter. Jennison Associates LLC now owns 1,605,798 shares of the financial services provider’s stock valued at $26,608,000 after purchasing an additional 363,433 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Horizon Bancorp (IN) during the 2nd quarter worth about $21,797,000. Bank of New York Mellon Corp acquired a new position in Horizon Bancorp (IN) in the second quarter valued at about $5,784,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Horizon Bancorp (IN) during the second quarter worth about $3,906,000. Institutional investors and hedge funds own 64.51% of the company’s stock.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp, Inc is a bank holding company headquartered in Michigan City, Indiana. Through its principal subsidiary, Horizon Bank, the company provides banking and financial services to individuals, families, businesses and public-sector organizations.

Horizon Bank offers deposit accounts, consumer and commercial lending, residential mortgage services, cash-management and treasury-management solutions, online and mobile banking, and other customary banking products. Its lending activities include commercial real estate, business, residential real estate and consumer loans.

Founded in 1873, Horizon has developed as a community banking organization serving customers through branches and other delivery channels in northern and central Indiana and southwestern Michigan.