Short Interest in Horizon Bancorp (IN) (NASDAQ:HBNC) Drops By 14.9%

Horizon Bancorp (IN) (NASDAQ:HBNC) was the recipient of a large drop in short interest in January. As of January 30th, there was short interest totaling 1,233,401 shares, a drop of 14.9% from the January 15th total of 1,449,277 shares. Currently, 2.5% of the company’s shares are short sold. Based on an average daily volume of 399,656 shares, the days-to-cover ratio is currently 3.1 days. Based on an average daily volume of 399,656 shares, the days-to-cover ratio is currently 3.1 days. Currently, 2.5% of the company’s shares are short sold.

Institutional Investors Weigh In On Horizon Bancorp (IN)

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue acquired a new position in Horizon Bancorp (IN) during the third quarter valued at approximately $28,000. EverSource Wealth Advisors LLC raised its holdings in Horizon Bancorp (IN) by 65.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 660 shares during the period. Tower Research Capital LLC TRC lifted its position in Horizon Bancorp (IN) by 160.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock worth $101,000 after acquiring an additional 4,024 shares during the last quarter. Rossby Financial LCC bought a new stake in Horizon Bancorp (IN) during the fourth quarter valued at about $124,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Horizon Bancorp (IN) in the second quarter valued at about $134,000. 64.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Zacks Research downgraded shares of Horizon Bancorp (IN) from a “hold” rating to a “strong sell” rating in a research report on Monday, February 2nd. Weiss Ratings restated a “sell (d)” rating on shares of Horizon Bancorp (IN) in a report on Monday, December 29th. Finally, Keefe, Bruyette & Woods lifted their price target on Horizon Bancorp (IN) from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, January 23rd. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Horizon Bancorp (IN) currently has an average rating of “Hold” and a consensus target price of $20.33.

Horizon Bancorp (IN) Stock Up 0.5%

Shares of NASDAQ HBNC traded up $0.09 during trading hours on Tuesday, hitting $18.10. The stock had a trading volume of 299,919 shares, compared to its average volume of 345,039. The firm’s 50-day moving average price is $17.70 and its two-hundred day moving average price is $16.70. Horizon Bancorp has a 52 week low of $12.70 and a 52 week high of $19.07. The company has a market capitalization of $927.08 million, a P/E ratio of -5.75 and a beta of 0.83. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.91 and a current ratio of 0.91.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its earnings results on Wednesday, January 21st. The financial services provider reported $0.53 EPS for the quarter, topping the consensus estimate of $0.50 by $0.03. The company had revenue of $64.53 million during the quarter, compared to the consensus estimate of $74.35 million. Horizon Bancorp (IN) had a negative net margin of 37.12% and a positive return on equity of 11.56%. Analysts anticipate that Horizon Bancorp will post 1.78 EPS for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 16th. Shareholders of record on Friday, January 2nd were given a $0.16 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.5%. Horizon Bancorp (IN)’s payout ratio is currently -20.32%.

About Horizon Bancorp (IN)

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.