Horizon Bancorp (IN) (NASDAQ:HBNC) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen cut shares of Horizon Bancorp (IN) (NASDAQ:HBNC) from a buy rating to a hold rating in a report issued on Saturday morning.

Several other research analysts have also commented on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Piper Sandler reiterated 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 raised shares of Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday. Finally, Stephens restated an “overweight” rating and issued a $21.00 target price on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $22.33.

Horizon Bancorp (IN) Stock Performance

Shares of HBNC opened at $20.42 on Friday. The business’s fifty day moving average price is $19.80 and its 200 day moving average price is $18.29. Horizon Bancorp has a 12-month low of $14.84 and a 12-month high of $21.04. The stock has a market capitalization of $1.05 billion, a PE ratio of -6.46 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.90.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02). Horizon Bancorp (IN) had a positive return on equity of 13.52% and a negative net margin of 36.38%.The business had revenue of $75.50 million during the quarter, compared to analyst estimates of $76.56 million. Equities research analysts forecast that Horizon Bancorp will post 2.07 EPS for the current year.

Horizon Bancorp (IN) Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.64 annualized dividend and a yield of 3.1%. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is presently -20.25%.

Insider Activity at Horizon Bancorp (IN)

In other Horizon Bancorp (IN) news, EVP Kathie A. Deruiter sold 8,000 shares of the business’s stock in a transaction dated 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 directly owned 50,346 shares in the company, valued at approximately $1,016,485.74. The trade was a 13.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted 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 purchasing an additional 660 shares during the period. Royal Bank of Canada increased its position in shares of Horizon Bancorp (IN) by 93.5% during the 1st quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,388 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Horizon Bancorp (IN) by 160.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock valued at $101,000 after purchasing an additional 4,024 shares during the period. Rossby Financial LCC bought a new stake in shares of Horizon Bancorp (IN) in the 4th quarter worth $124,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Horizon Bancorp (IN) in the 2nd quarter worth $134,000. Institutional investors and hedge funds 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.