Horizon Bancorp (IN) (NASDAQ:HBNC) Hits New 1-Year High – Time to Buy?

Horizon Bancorp (IN) (NASDAQ:HBNC)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $20.51 and last traded at $20.49, with a volume of 206134 shares trading hands. The stock had previously closed at $19.86.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on HBNC shares. Zacks Research upgraded Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Weiss Ratings upgraded shares of Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 6th. Piper Sandler reissued a “neutral” rating and set a $21.00 target price (down from $22.00) on shares of Horizon Bancorp (IN) in a research report on Monday, April 27th. Wall Street Zen raised shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research report on Sunday. 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $21.00.

Horizon Bancorp (IN) Price Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of -6.47 and a beta of 0.82. The business’s 50-day moving average price is $19.04 and its two-hundred day moving average price is $17.90.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The firm had revenue of $73.48 million for the quarter, compared to the consensus estimate of $76.11 million. Horizon Bancorp (IN) had a negative net margin of 37.28% and a positive return on equity of 12.41%. On average, research analysts forecast that Horizon Bancorp will post 2.09 EPS for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, July 3rd will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Thursday, July 2nd. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is -20.13%.

Institutional Trading of Horizon Bancorp (IN)

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP acquired a new stake in shares of Horizon Bancorp (IN) during the 3rd quarter valued at approximately $24,842,000. FJ Capital Management LLC boosted its holdings in Horizon Bancorp (IN) by 309.5% in the fourth quarter. FJ Capital Management LLC now owns 1,083,840 shares of the financial services provider’s stock worth $18,382,000 after purchasing an additional 819,189 shares during the period. Alliancebernstein L.P. boosted its holdings in Horizon Bancorp (IN) by 1,202.2% in the third quarter. Alliancebernstein L.P. now owns 593,109 shares of the financial services provider’s stock worth $9,496,000 after purchasing an additional 547,561 shares during the period. Jennison Associates LLC increased its stake in Horizon Bancorp (IN) by 69.6% during the fourth quarter. Jennison Associates LLC now owns 1,242,365 shares of the financial services provider’s stock valued at $21,071,000 after purchasing an additional 509,775 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its stake in Horizon Bancorp (IN) by 78.9% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 963,397 shares of the financial services provider’s stock valued at $16,339,000 after purchasing an additional 424,896 shares during the last quarter. 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.