Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Now Rated “Moderate Buy” by Sell-Side Analysts

Horizon Bancorp (IN) (NASDAQ:HBNC) has earned a consensus rating of “Moderate Buy” from the five ratings firms that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $22.67.

A number of equities analysts have commented on the company. Weiss Ratings upgraded Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, October 6th. Wall Street Zen upgraded Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research report on Sunday, August 16th. Piper Sandler upgraded Horizon Bancorp (IN) from a “neutral” rating to an “overweight” rating and upped their target price for the company from $23.00 to $24.00 in a research report on Friday, October 2nd. Stephens reissued an “overweight” rating and set a $21.00 target price on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods raised their price target on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th.

Insiders Place Their Bets

In other Horizon Bancorp (IN) news, EVP Kathie DeRuiter sold 8,000 shares of the business’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $20.19, for a total transaction of $161,520.00. Following the sale, the executive vice president owned 50,346 shares of the company’s stock, valued at approximately $1,016,485.74. The trade was a 13.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On Horizon Bancorp (IN)

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new position in Horizon Bancorp (IN) during the 2nd quarter worth approximately $143,890,000. Jennison Associates LLC grew its stake in shares of Horizon Bancorp (IN) by 29.3% in the 1st quarter. Jennison Associates LLC now owns 1,605,798 shares of the financial services provider’s stock valued at $26,608,000 after buying an additional 363,433 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in shares of Horizon Bancorp (IN) in the 2nd quarter valued at about $21,797,000. Bank of New York Mellon Corp acquired a new stake in shares of Horizon Bancorp (IN) in the 2nd quarter valued at about $5,784,000. Finally, Elizabeth Park Capital Advisors Ltd. increased its position in Horizon Bancorp (IN) by 235.0% in the 4th quarter. Elizabeth Park Capital Advisors Ltd. now owns 256,669 shares of the financial services provider’s stock valued at $4,353,000 after buying an additional 180,047 shares in the last quarter. Institutional investors own 64.51% of the company’s stock.

Horizon Bancorp (IN) Stock Performance

Shares of NASDAQ:HBNC opened at $18.99 on Thursday. Horizon Bancorp has a 12-month low of $14.99 and a 12-month high of $21.04. The company’s 50 day moving average price is $19.61 and its two-hundred day moving average price is $19.10. The firm has a market cap of $975.14 million, a PE ratio of -6.01 and a beta of 0.84. 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 quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.02). The company had revenue of $75.50 million during the quarter, compared to the consensus estimate of $76.56 million. Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%. Equities research analysts predict that Horizon Bancorp will post 2.08 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, October 2nd will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, October 2nd. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is currently -20.25%.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp, Inc is the bank holding company for Horizon Bank, a full-service community bank headquartered in Michigan City, Indiana. The company provides banking and financial services to individuals, families, businesses and municipalities through a network of branches and digital banking channels.

Horizon Bank offers deposit products, residential and commercial real estate loans, consumer lending, commercial and industrial financing, agricultural loans and other credit services.