Keefe, Bruyette & Woods Issues Positive Forecast for Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Price

Horizon Bancorp (IN) (NASDAQ:HBNC) had its price objective increased by Keefe, Bruyette & Woods from $21.00 to $23.00 in a report published on Friday morning,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Several other equities research analysts have also recently issued reports on the stock. Zacks Research upgraded shares of Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Piper Sandler restated a “neutral” rating and set a $23.00 target price (up from $21.00) on shares of Horizon Bancorp (IN) in a research note on Friday. Weiss Ratings cut Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday. Stephens reiterated an “overweight” rating and issued a $21.00 price target on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Finally, Wall Street Zen cut shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research report on Monday, July 20th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $22.33.

Horizon Bancorp (IN) Stock Performance

Shares of HBNC opened at $20.06 on Friday. The company has a 50-day simple moving average of $19.35 and a two-hundred day simple moving average of $18.05. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market capitalization of $1.03 billion, a PE ratio of -6.35 and a beta of 0.82. Horizon Bancorp has a one year low of $14.84 and a one year high of $20.66.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02). The company had revenue of $75.50 million for the quarter, compared to analysts’ expectations of $76.56 million. Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.52%. On average, analysts anticipate that Horizon Bancorp will post 2.09 EPS for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were issued a $0.16 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 3.2%. Horizon Bancorp (IN)’s payout ratio is currently -20.13%.

Hedge Funds Weigh In On Horizon Bancorp (IN)

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