Horizon Bancorp (IN) (NASDAQ:HBNC) Sets New 52-Week High – Here’s Why

Horizon Bancorp (IN) (NASDAQ:HBNC) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $20.51 and last traded at $20.48, with a volume of 841077 shares traded. The stock had previously closed at $19.98.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on HBNC shares. Wall Street Zen lowered Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a report on Saturday, May 23rd. Piper Sandler reissued 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. Zacks Research upgraded Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Weiss Ratings upgraded Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, April 24th. Finally, Stephens reaffirmed an “overweight” rating and issued a $21.00 target price on shares of Horizon Bancorp (IN) in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $21.00.

Horizon Bancorp (IN) Stock Performance

The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The company has a 50-day moving average price of $18.71 and a 200-day moving average price of $17.79. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of -6.44 and a beta of 0.82.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued 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. Horizon Bancorp (IN) had a negative net margin of 37.28% and a positive return on equity of 12.41%. The business had revenue of $73.48 million for the quarter, compared to analysts’ expectations of $76.11 million. As a group, equities research analysts forecast that Horizon Bancorp will post 2.1 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, July 3rd will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Thursday, July 2nd. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is presently -20.13%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Bank of America Corp DE lifted its position in shares of Horizon Bancorp (IN) by 83.8% during the 1st quarter. Bank of America Corp DE now owns 141,340 shares of the financial services provider’s stock valued at $2,342,000 after acquiring an additional 64,437 shares during the last quarter. Arkadios Wealth Advisors acquired a new position in shares of Horizon Bancorp (IN) in the 1st quarter worth $602,000. Amundi acquired a new position in shares of Horizon Bancorp (IN) in the 1st quarter worth $224,000. Royal Bank of Canada raised its position in shares of Horizon Bancorp (IN) by 93.5% during the first quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,388 shares during the period. Finally, Quantinno Capital Management LP raised its position in shares of Horizon Bancorp (IN) by 66.9% during the first quarter. Quantinno Capital Management LP now owns 78,339 shares of the financial services provider’s stock worth $1,298,000 after purchasing an additional 31,402 shares during the period. Institutional investors own 64.51% of the company’s stock.

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.