Horizon Bancorp (IN) (NASDAQ:HBNC) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Horizon Bancorp (IN) (NASDAQ:HBNC)’s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $17.45 and traded as high as $19.04. Horizon Bancorp (IN) shares last traded at $18.75, with a volume of 568,154 shares changing hands.

Analysts Set New Price Targets

A number of research analysts recently commented on HBNC shares. Wall Street Zen downgraded shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a report on Saturday, May 23rd. Zacks Research raised shares of Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Piper Sandler reaffirmed a “neutral” rating and issued a $21.00 price target (down from $22.00) on shares of Horizon Bancorp (IN) in a report on Monday, April 27th. Weiss Ratings upgraded shares of Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, April 24th. Finally, Stephens assumed coverage on shares of Horizon Bancorp (IN) in a research report on Friday, March 27th. They issued an “overweight” rating and a $20.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $20.67.

Horizon Bancorp (IN) Price Performance

The stock’s fifty day moving average price is $17.84 and its two-hundred day moving average price is $17.45. The firm has a market capitalization of $962.44 million, a price-to-earnings ratio of -5.90 and a beta of 0.83. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.22.

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

Horizon Bancorp (IN) Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, April 3rd were issued 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 3.4%. Horizon Bancorp (IN)’s payout ratio is presently -20.13%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Horizon Bancorp (IN) by 5.9% in the 4th quarter. Vanguard Group Inc. now owns 3,189,417 shares of the financial services provider’s stock worth $54,093,000 after acquiring an additional 176,448 shares during the period. Dimensional Fund Advisors LP increased its position in Horizon Bancorp (IN) by 3.0% during the third quarter. Dimensional Fund Advisors LP now owns 2,568,101 shares of the financial services provider’s stock worth $41,116,000 after purchasing an additional 75,462 shares during the last quarter. PL Capital Advisors LLC increased its position in shares of Horizon Bancorp (IN) by 7.2% in the fourth quarter. PL Capital Advisors LLC now owns 1,812,825 shares of the financial services provider’s stock worth $30,746,000 after acquiring an additional 121,651 shares in the last quarter. Jennison Associates LLC increased its position in shares of Horizon Bancorp (IN) by 29.3% in the first quarter. Jennison Associates LLC now owns 1,605,798 shares of the financial services provider’s stock worth $26,608,000 after acquiring an additional 363,433 shares in the last quarter. Finally, Wellington Management Group LLP purchased a new position in shares of Horizon Bancorp (IN) in the third quarter valued at $24,842,000. 64.51% of the stock is owned by hedge funds and other institutional investors.

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.