Horizon Bancorp (NASDAQ:HBNC) Upgraded at StockNews.com

StockNews.com upgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a sell rating to a hold rating in a research report released on Friday.

HBNC has been the topic of several other research reports. Keefe, Bruyette & Woods raised their price objective on Horizon Bancorp from $14.00 to $16.00 and gave the company a “market perform” rating in a report on Monday, July 29th. Hovde Group began coverage on Horizon Bancorp in a research note on Monday, September 30th. They set an “outperform” rating and a $18.00 price target on the stock. Finally, Piper Sandler upped their price objective on Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Horizon Bancorp currently has an average rating of “Hold” and a consensus price target of $16.00.

Horizon Bancorp Stock Down 0.9 %

Shares of NASDAQ HBNC opened at $15.97 on Friday. The company has a market cap of $698.08 million, a price-to-earnings ratio of 33.98 and a beta of 1.03. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 2.02. Horizon Bancorp has a 12 month low of $9.77 and a 12 month high of $16.72. The stock has a 50-day moving average price of $15.57 and a two-hundred day moving average price of $13.98.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. Horizon Bancorp had a net margin of 5.89% and a return on equity of 8.36%. The business had revenue of $102.40 million during the quarter, compared to analysts’ expectations of $58.23 million. During the same period in the prior year, the company earned $0.37 EPS. As a group, analysts forecast that Horizon Bancorp will post 1.41 earnings per share for the current fiscal year.

Horizon Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Friday, October 4th were given a $0.16 dividend. The ex-dividend date of this dividend was Friday, October 4th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.01%. Horizon Bancorp’s dividend payout ratio (DPR) is presently 136.17%.

Hedge Funds Weigh In On Horizon Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. CWM LLC lifted its position in shares of Horizon Bancorp by 1,656.2% in the 2nd quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 3,064 shares during the period. Pathway Financial Advisers LLC bought a new position in shares of Horizon Bancorp in the first quarter valued at $80,000. Mackenzie Financial Corp bought a new position in Horizon Bancorp in the 2nd quarter valued at about $133,000. Elser Financial Planning Inc acquired a new position in Horizon Bancorp during the 2nd quarter valued at about $137,000. Finally, EMC Capital Management increased its holdings in Horizon Bancorp by 11.0% during the 1st quarter. EMC Capital Management now owns 10,773 shares of the financial services provider’s stock worth $138,000 after purchasing an additional 1,064 shares in the last quarter. 64.51% of the stock is owned by institutional investors and hedge funds.

About Horizon Bancorp

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.