Horizon Bancorp (IN) (NASDAQ:HBNC) Receives $22.33 Average Target Price from Analysts

Shares of Horizon Bancorp (IN) (NASDAQ:HBNC) have received a consensus rating of “Hold” from the five brokerages that are covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $22.3333.

HBNC has been the topic of several research analyst reports. Piper Sandler restated a “neutral” rating and set a $23.00 price objective (up from $21.00) on shares of Horizon Bancorp (IN) in a research note on Friday, July 24th. Weiss Ratings lowered shares of Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, August 20th. Keefe, Bruyette & Woods increased their target price on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Wall Street Zen upgraded shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research report on Sunday, August 16th. Finally, Stephens reaffirmed an “overweight” rating and issued a $21.00 price target on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st.

Horizon Bancorp (IN) Trading Down 0.9%

Shares of NASDAQ HBNC opened at $19.25 on Wednesday. The stock’s 50 day moving average price is $20.06 and its two-hundred day moving average price is $18.53. Horizon Bancorp has a 52-week low of $14.97 and a 52-week high of $21.04. The stock has a market capitalization of $988.49 million, a P/E ratio of -6.09 and a beta of 0.81. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.21.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.02). Horizon Bancorp (IN) had a positive return on equity of 13.31% and a negative net margin of 36.38%.The firm had revenue of $75.50 million during the quarter, compared to analyst estimates of $76.56 million. On average, analysts anticipate that Horizon Bancorp will post 2.07 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, July 3rd were paid a dividend of $0.16 per share. The ex-dividend date was Thursday, July 2nd. This represents a $0.64 annualized dividend and a yield of 3.3%. Horizon Bancorp (IN)’s dividend payout ratio is -20.25%.

Insider Transactions at Horizon Bancorp (IN)

In other Horizon Bancorp (IN) news, EVP Kathie A. Deruiter sold 8,000 shares of Horizon Bancorp (IN) stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $20.19, for a total value of $161,520.00. Following the completion of the transaction, the executive vice president directly owned 50,346 shares in the company, valued at $1,016,485.74. The trade was a 13.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.19% of the stock is owned by corporate insiders.

Institutional Trading of Horizon Bancorp (IN)

Several hedge funds have recently made changes to their positions in the stock. Allworth Financial LP acquired a new position in Horizon Bancorp (IN) during the 2nd quarter valued at approximately $31,000. EverSource Wealth Advisors LLC increased its position in Horizon Bancorp (IN) by 65.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock worth $28,000 after buying an additional 660 shares during the period. Royal Bank of Canada lifted its stake in Horizon Bancorp (IN) by 93.5% in the first quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock valued at $48,000 after buying an additional 1,388 shares during the last quarter. Quantbot Technologies LP bought a new stake in Horizon Bancorp (IN) in the second quarter valued at $70,000. Finally, Tower Research Capital LLC TRC lifted its stake in Horizon Bancorp (IN) by 160.2% in the second quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock valued at $101,000 after buying an additional 4,024 shares during the last quarter. 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.