Horizon Bancorp (NASDAQ:HBNC) Price Target Cut to $17.00 by Analysts at Piper Sandler

Horizon Bancorp (NASDAQ:HBNC) had its price objective trimmed by Piper Sandler from $18.00 to $17.00 in a research note released on Monday,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Separately, Keefe, Bruyette & Woods lowered their price target on Horizon Bancorp from $18.00 to $17.00 and set a “market perform” rating for the company in a research report on Friday.

Horizon Bancorp Trading Up 1.2 %

HBNC stock opened at $14.74 on Monday. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $648.78 million, a price-to-earnings ratio of 18.43 and a beta of 0.87. Horizon Bancorp has a 1-year low of $11.40 and a 1-year high of $19.18. The business has a 50 day simple moving average of $14.98 and a two-hundred day simple moving average of $16.20.

Horizon Bancorp (NASDAQ:HBNC) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.14. The firm had revenue of $69.17 million during the quarter, compared to the consensus estimate of $64.52 million. Horizon Bancorp had a return on equity of 8.48% and a net margin of 9.86%. Research analysts anticipate that Horizon Bancorp will post 1.78 EPS for the current fiscal year.

Horizon Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 18th. Stockholders of record on Friday, April 4th were issued a $0.16 dividend. The ex-dividend date was Friday, April 4th. This represents a $0.64 annualized dividend and a dividend yield of 4.34%. Horizon Bancorp’s dividend payout ratio is currently 62.75%.

Institutional Investors Weigh In On Horizon Bancorp

Several large investors have recently modified their holdings of the business. Jane Street Group LLC raised its stake in shares of Horizon Bancorp by 32.0% during the 3rd quarter. Jane Street Group LLC now owns 57,068 shares of the financial services provider’s stock worth $887,000 after acquiring an additional 13,827 shares in the last quarter. Geode Capital Management LLC grew its position in Horizon Bancorp by 5.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,053,625 shares of the financial services provider’s stock worth $16,387,000 after purchasing an additional 52,423 shares during the last quarter. Barclays PLC grew its position in Horizon Bancorp by 62.7% during the 3rd quarter. Barclays PLC now owns 109,553 shares of the financial services provider’s stock worth $1,704,000 after purchasing an additional 42,218 shares during the last quarter. Franklin Resources Inc. grew its position in Horizon Bancorp by 7.0% during the 3rd quarter. Franklin Resources Inc. now owns 25,996 shares of the financial services provider’s stock worth $399,000 after purchasing an additional 1,703 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Horizon Bancorp by 37.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 106,609 shares of the financial services provider’s stock worth $1,658,000 after purchasing an additional 28,999 shares during the last quarter. Institutional investors own 64.51% of the company’s stock.

About Horizon Bancorp

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that engages in the provision of commercial and retail banking services. The company offers checking, saving, money market, certificate of deposits, individual retirement accounts, and time deposits, as well as non-interest- and interest-bearing demand deposits.