Horizon Bancorp (IN) (NASDAQ:HBNC) Reaches New 12-Month High – Here’s Why

Shares of Horizon Bancorp (IN) (NASDAQ:HBNC) reached a new 52-week high on Wednesday. The company traded as high as $21.50 and last traded at $21.4950, with a volume of 202 shares trading hands. The stock had previously closed at $21.01.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Wall Street Zen raised Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research note on Sunday, August 16th. Weiss Ratings cut shares of Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, October 21st. Keefe, Bruyette & Woods boosted their target price on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Piper Sandler reissued an “overweight” rating and issued a $25.00 price target (up from $24.00) on shares of Horizon Bancorp (IN) in a report on Friday, October 23rd. Finally, Stephens boosted their price objective on Horizon Bancorp (IN) from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Monday, October 26th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Horizon Bancorp (IN) Trading Up 1.8%

The business has a 50 day moving average of $19.65 and a 200 day moving average of $18.73. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 10.28 and a beta of 0.82. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.92 and a quick ratio of 0.92.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its earnings results on Wednesday, October 21st. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.02. Horizon Bancorp (IN) had a return on equity of 15.14% and a net margin of 26.52%. The firm had revenue of $77.09 million for the quarter, compared to analysts’ expectations of $77.99 million. As a group, research analysts predict that Horizon Bancorp will post 2.10 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Friday, October 2nd. Horizon Bancorp (IN)’s payout ratio is presently 30.62%.

Institutional Investors Weigh In On Horizon Bancorp (IN)

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Horizon Bancorp (IN) in the second quarter valued at about $143,890,000. The Manufacturers Life Insurance Company acquired a new position in shares of Horizon Bancorp (IN) during the 2nd quarter worth about $21,797,000. Jennison Associates LLC grew its holdings 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 acquiring an additional 363,433 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Horizon Bancorp (IN) during the second quarter worth about $5,784,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Horizon Bancorp (IN) during the 2nd quarter worth approximately $3,906,000. 64.51% of the stock is currently owned by institutional investors and hedge funds.

Horizon Bancorp (IN) Company Profile

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.