Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Moved Down to Hold by Wall Street Zen

Wall Street Zen lowered shares of Horizon Bancorp (IN) (NASDAQ:HBNC) from a buy rating to a hold rating in a research report released on Saturday morning,Wall Street Zen reports.

HBNC has been the subject of a number of other research reports. Stephens increased their price objective on Horizon Bancorp (IN) from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Monday, October 26th. Weiss Ratings upgraded Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, November 4th. Piper Sandler reaffirmed an “overweight” rating and set a $25.00 target price (up from $24.00) on shares of Horizon Bancorp (IN) in a research report on Friday, October 23rd. Finally, Keefe, Bruyette & Woods upped 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. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Horizon Bancorp (IN) Price Performance

Shares of HBNC traded up $0.08 during mid-day trading on Friday, hitting $21.27. The company’s stock had a trading volume of 466,315 shares, compared to its average volume of 541,833. Horizon Bancorp has a fifty-two week low of $15.43 and a fifty-two week high of $22.00. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 10.18 and a beta of 0.82. The firm has a 50-day moving average price of $19.91 and a 200 day moving average price of $18.86. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.92 and a quick ratio of 0.92.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its earnings results on Wednesday, October 21st. The financial services provider reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.02. The firm had revenue of $77.09 million during the quarter, compared to analysts’ expectations of $77.99 million. Horizon Bancorp (IN) had a net margin of 26.52% and a return on equity of 15.17%. On average, research analysts predict that Horizon Bancorp will post 2.10 EPS for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

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

Hedge Funds Weigh In On Horizon Bancorp (IN)

Large investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in Horizon Bancorp (IN) in the second quarter valued at about $143,890,000. The Manufacturers Life Insurance Company acquired a new position in Horizon Bancorp (IN) in the 2nd quarter worth about $21,797,000. Jennison Associates LLC raised its stake in shares of Horizon Bancorp (IN) by 29.3% during the 1st quarter. Jennison Associates LLC now owns 1,605,798 shares of the financial services provider’s stock worth $26,608,000 after purchasing an additional 363,433 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Horizon Bancorp (IN) during the 2nd quarter worth about $5,784,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Horizon Bancorp (IN) during the 2nd 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 and the parent of Horizon Bank, a community bank serving customers in Indiana and Michigan. The company has roots dating to 1873 and is headquartered in Michigan City, Indiana. Horizon Bank provides personal and business banking services, including checking and savings accounts, lending, and cash-management services. Its lending includes consumer, residential mortgage, and commercial loans. The bank serves individuals, businesses, and communities through its branch network and digital banking services.