Horizon Bancorp (IN) (NASDAQ:HBNC) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Horizon Bancorp (IN) (NASDAQ:HBNC) have received an average rating of “Moderate Buy” from the five brokerages that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $19.6667.

HBNC has been the topic of several recent research reports. Stephens raised their target price on Horizon Bancorp (IN) from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, September 2nd. Piper Sandler raised their price objective on Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, July 28th. Zacks Research upgraded Horizon Bancorp (IN) from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 28th. Keefe, Bruyette & Woods upgraded Horizon Bancorp (IN) from a “market perform” rating to an “outperform” rating and increased their price target for the company from $18.00 to $19.00 in a report on Tuesday, August 26th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Horizon Bancorp (IN) in a research report on Monday, November 17th.

Horizon Bancorp (IN) Stock Performance

HBNC stock opened at $16.38 on Monday. The firm has a 50 day moving average of $15.95 and a two-hundred day moving average of $15.73. Horizon Bancorp has a 12 month low of $12.70 and a 12 month high of $19.18. The company has a market capitalization of $838.93 million, a price-to-earnings ratio of -4.17 and a beta of 0.90. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.14.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.16). The business had revenue of $59.98 million during the quarter, compared to analyst estimates of $69.34 million. Horizon Bancorp (IN) had a negative net margin of 51.01% and a positive return on equity of 9.64%. As a group, equities analysts anticipate that Horizon Bancorp will post 1.78 EPS for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 17th. Investors of record on Friday, October 3rd were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.9%. The ex-dividend date was Friday, October 3rd. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is -16.28%.

Institutional Investors Weigh In On Horizon Bancorp (IN)

Several hedge funds and other institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC lifted its position in shares of Horizon Bancorp (IN) by 1,240.5% during the 3rd quarter. NewEdge Advisors LLC now owns 14,290 shares of the financial services provider’s stock worth $229,000 after purchasing an additional 13,224 shares during the last quarter. Verition Fund Management LLC increased its position in Horizon Bancorp (IN) by 22.0% in the 3rd quarter. Verition Fund Management LLC now owns 30,520 shares of the financial services provider’s stock worth $489,000 after buying an additional 5,498 shares during the period. Sherbrooke Park Advisers LLC acquired a new position in shares of Horizon Bancorp (IN) during the third quarter worth approximately $208,000. Qube Research & Technologies Ltd boosted its position in shares of Horizon Bancorp (IN) by 63.4% in the third quarter. Qube Research & Technologies Ltd now owns 17,602 shares of the financial services provider’s stock valued at $282,000 after acquiring an additional 6,831 shares during the period. Finally, Mariner LLC boosted its position in shares of Horizon Bancorp (IN) by 83.6% in the third quarter. Mariner LLC now owns 30,759 shares of the financial services provider’s stock valued at $492,000 after acquiring an additional 14,003 shares during the period. 64.51% of the stock is owned by institutional investors and hedge funds.

About Horizon Bancorp (IN)

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.