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

Horizon Bancorp (IN) (NASDAQ:HBNC)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $19.32 and last traded at $19.3010, with a volume of 54092 shares changing hands. The stock had previously closed at $18.90.

Analyst Ratings Changes

Several analysts have weighed in on the company. Piper Sandler reissued a “neutral” rating and issued a $21.00 target price (down from $22.00) on shares of Horizon Bancorp (IN) in a report on Monday, April 27th. Weiss Ratings raised Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, April 24th. Stephens assumed coverage on Horizon Bancorp (IN) in a report on Friday, March 27th. They issued an “overweight” rating and a $20.00 target price on the stock. Wall Street Zen lowered Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a report on Saturday, May 23rd. Finally, Zacks Research raised Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $20.67.

Horizon Bancorp (IN) Trading Up 1.2%

The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The firm has a market cap of $981.53 million, a price-to-earnings ratio of -6.01 and a beta of 0.83. The business has a 50 day moving average of $17.89 and a 200 day moving average of $17.48.

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 business had revenue of $73.48 million for the quarter, compared to analyst estimates of $76.11 million. Horizon Bancorp (IN) had a positive return on equity of 12.41% and a negative net margin of 37.28%. On average, research analysts forecast that Horizon Bancorp will post 2.1 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, April 3rd were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Thursday, April 2nd. Horizon Bancorp (IN)’s payout ratio is currently -20.13%.

Hedge Funds Weigh In On Horizon Bancorp (IN)

A number of institutional investors have recently modified their holdings of HBNC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position 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 buying an additional 1,057 shares during the last quarter. Empowered Funds LLC boosted its stake in Horizon Bancorp (IN) by 28.5% in the 1st quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider’s stock worth $2,269,000 after buying an additional 33,355 shares during the last quarter. Jane Street Group LLC acquired a new stake in Horizon Bancorp (IN) in the 1st quarter worth about $1,231,000. Rhumbline Advisers boosted its stake in Horizon Bancorp (IN) by 3.2% in the 2nd quarter. Rhumbline Advisers now owns 68,401 shares of the financial services provider’s stock worth $1,052,000 after buying an additional 2,093 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Horizon Bancorp (IN) in the 2nd quarter worth about $816,000. 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.