Horizon Bancorp (IN) (NASDAQ:HBNC) Given Consensus Rating of “Hold” by Brokerages

Horizon Bancorp (IN) (NASDAQ:HBNC) has earned a consensus rating of “Hold” from the five brokerages that are covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $20.6667.

A number of research analysts have weighed in on HBNC shares. Zacks Research raised shares of Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Stephens started coverage on shares of Horizon Bancorp (IN) in a research note on Friday, March 27th. They issued an “overweight” rating and a $20.00 price target on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Horizon Bancorp (IN) from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. Piper Sandler reaffirmed a “neutral” rating and issued a $21.00 price target (down from $22.00) on shares of Horizon Bancorp (IN) in a research note on Monday, April 27th. Finally, Wall Street Zen raised shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research note on Sunday, May 10th.

Horizon Bancorp (IN) Stock Performance

Shares of HBNC opened at $17.60 on Monday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.90 and a current ratio of 0.91. Horizon Bancorp has a twelve month low of $14.34 and a twelve month high of $19.07. The firm’s 50 day moving average price is $17.14 and its two-hundred day moving average price is $17.20. The firm has a market cap of $903.41 million, a P/E ratio of -5.53 and a beta of 0.83.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Horizon Bancorp (IN) had a negative net margin of 37.28% and a positive return on equity of 12.41%. The firm had revenue of $73.48 million for the quarter, compared to analyst estimates of $76.11 million. On average, analysts forecast that Horizon Bancorp will post 2.1 EPS for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 17th. Investors of record on Friday, April 3rd were issued a dividend of $0.16 per share. The ex-dividend date was Thursday, April 2nd. This represents a $0.64 annualized dividend and a yield of 3.6%. Horizon Bancorp (IN)’s dividend payout ratio is presently -20.13%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in HBNC. Bayview Asset Management LLC raised its position in Horizon Bancorp (IN) by 0.7% during the fourth quarter. Bayview Asset Management LLC now owns 95,462 shares of the financial services provider’s stock worth $1,619,000 after acquiring an additional 645 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Horizon Bancorp (IN) by 65.6% during the 4th 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 last quarter. Rafferty Asset Management LLC lifted its stake in shares of Horizon Bancorp (IN) by 3.9% during the 2nd quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider’s stock worth $382,000 after buying an additional 941 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Horizon Bancorp (IN) by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock valued at $388,000 after acquiring an additional 1,057 shares in the last quarter. Finally, Wedge Capital Management L L P NC grew its stake in shares of Horizon Bancorp (IN) by 2.4% in the fourth quarter. Wedge Capital Management L L P NC now owns 50,097 shares of the financial services provider’s stock valued at $850,000 after acquiring an additional 1,193 shares in the last quarter. Institutional investors and hedge funds own 64.51% of the company’s stock.

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.