Horizon Bancorp (IN) (NASDAQ:HBNC) Given Average Rating of “Hold” by Brokerages

Horizon Bancorp (IN) (NASDAQ:HBNC) has earned an average rating of “Hold” from the five ratings firms that are covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $20.6667.

HBNC has been the subject of a number of research reports. Piper Sandler restated a “neutral” rating and issued a $21.00 price objective (down from $22.00) on shares of Horizon Bancorp (IN) in a report on Monday, April 27th. Wall Street Zen cut shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a report on Saturday, May 23rd. 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. Stephens assumed coverage on shares of Horizon Bancorp (IN) in a research note on Friday, March 27th. They issued an “overweight” rating and a $20.00 price target for the company. Finally, Zacks Research upgraded shares of Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th.

Hedge Funds Weigh In On Horizon Bancorp (IN)

A number of institutional investors and hedge funds have recently made changes to their positions in HBNC. Wellington Management Group LLP acquired a new position in shares of Horizon Bancorp (IN) during the third quarter worth about $24,842,000. FJ Capital Management LLC grew its position in shares of Horizon Bancorp (IN) by 309.5% during the fourth quarter. FJ Capital Management LLC now owns 1,083,840 shares of the financial services provider’s stock worth $18,382,000 after buying an additional 819,189 shares in the last quarter. Alliancebernstein L.P. grew its holdings in Horizon Bancorp (IN) by 1,202.2% during the 3rd quarter. Alliancebernstein L.P. now owns 593,109 shares of the financial services provider’s stock worth $9,496,000 after acquiring an additional 547,561 shares in the last quarter. Jennison Associates LLC grew its holdings in Horizon Bancorp (IN) by 69.6% during the 4th quarter. Jennison Associates LLC now owns 1,242,365 shares of the financial services provider’s stock worth $21,071,000 after acquiring an additional 509,775 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its holdings in Horizon Bancorp (IN) by 78.9% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 963,397 shares of the financial services provider’s stock worth $16,339,000 after acquiring an additional 424,896 shares in the last quarter. 64.51% of the stock is owned by institutional investors and hedge funds.

Horizon Bancorp (IN) Trading Up 1.0%

Shares of NASDAQ HBNC opened at $19.52 on Friday. Horizon Bancorp has a twelve month low of $14.34 and a twelve month high of $19.63. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.22. The stock has a fifty day simple moving average of $18.07 and a 200-day simple moving average of $17.56. The stock has a market capitalization of $1.00 billion, a PE ratio of -6.14 and a beta of 0.83.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.03. The company had revenue of $73.48 million during the quarter, compared to the consensus estimate of $76.11 million. Horizon Bancorp (IN) had a positive return on equity of 12.41% and a negative net margin of 37.28%. On average, equities analysts forecast that Horizon Bancorp will post 2.1 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, April 17th. Investors of record on Friday, April 3rd were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Thursday, April 2nd. Horizon Bancorp (IN)’s payout ratio is presently -20.13%.

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.