Horizon Bancorp (IN) (NASDAQ:HBNC) Releases Earnings Results

Horizon Bancorp (IN) (NASDAQ:HBNC) announced its quarterly earnings data on Wednesday. The financial services provider reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.02, Zacks reports. Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%.

Horizon Bancorp (IN) Stock Performance

Horizon Bancorp (IN) stock traded down $0.10 during trading hours on Wednesday, reaching $19.60. 475,383 shares of the stock were exchanged, compared to its average volume of 489,256. The stock has a market cap of $1.01 billion, a P/E ratio of -6.20 and a beta of 0.84. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.92 and a current ratio of 0.92. Horizon Bancorp has a 52-week low of $15.35 and a 52-week high of $21.04. The firm’s 50 day moving average is $19.54 and its 200 day moving average is $19.19.

Horizon Bancorp (IN) Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Friday, October 2nd were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Friday, October 2nd. Horizon Bancorp (IN)’s payout ratio is currently -20.25%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Keefe, Bruyette & Woods boosted their target price on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Weiss Ratings raised Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, October 6th. Stephens restated an “overweight” rating and set a $21.00 price target on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Wall Street Zen raised Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research report on Sunday, August 16th. Finally, Piper Sandler raised Horizon Bancorp (IN) from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $23.00 to $24.00 in a research report on Friday, October 2nd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.67.

Insider Activity at Horizon Bancorp (IN)

In other news, EVP Kathie DeRuiter sold 8,000 shares of Horizon Bancorp (IN) stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $20.19, for a total value of $161,520.00. Following the sale, the executive vice president owned 50,346 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.19% of the company’s stock.

About Horizon Bancorp (IN)

Horizon Bancorp, Inc is a bank holding company headquartered in Michigan City, Indiana. Through its principal subsidiary, Horizon Bank, the company provides banking and financial services to individuals, families, businesses and public-sector organizations.

Horizon Bank offers deposit accounts, consumer and commercial lending, residential mortgage services, cash-management and treasury-management solutions, online and mobile banking, and other customary banking products. Its lending activities include commercial real estate, business, residential real estate and consumer loans.

Founded in 1873, Horizon has developed as a community banking organization serving customers through branches and other delivery channels in northern and central Indiana and southwestern Michigan.