Horizon Bancorp (IN) (NASDAQ:HBNC) Reaches New 52-Week High – Still a Buy?

Horizon Bancorp (IN) (NASDAQ:HBNC) reached a new 52-week high on Wednesday. The stock 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 Analyst Weigh In

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

Horizon Bancorp (IN) Trading Down 2.8%

The stock has a market cap of $1.07 billion, a PE ratio of 9.98 and a beta of 0.82. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a fifty day moving average price of $19.71 and a 200 day moving average price of $18.76.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its quarterly earnings data on Wednesday, October 21st. The financial services provider reported $0.56 EPS for the quarter, topping the consensus estimate of $0.54 by $0.02. Horizon Bancorp (IN) had a net margin of 26.52% and a return on equity of 15.14%. The company had revenue of $77.09 million during the quarter, compared to analyst estimates of $77.99 million. Equities analysts expect that Horizon Bancorp will post 2.10 EPS for the current year.

Horizon Bancorp (IN) Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Friday, October 2nd were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.1%. The ex-dividend date was Friday, October 2nd. Horizon Bancorp (IN)’s dividend payout ratio is presently 30.62%.

Institutional Trading of Horizon Bancorp (IN)

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HBNC. Allworth Financial LP purchased a new position in Horizon Bancorp (IN) in the 2nd quarter worth about $31,000. Royal Bank of Canada lifted its holdings in 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 buying an additional 1,388 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Horizon Bancorp (IN) in the 2nd quarter valued at about $52,000. Quantbot Technologies LP purchased a new stake in Horizon Bancorp (IN) in the 2nd quarter valued at about $70,000. Finally, Pathway Financial Advisers LLC purchased a new stake in Horizon Bancorp (IN) in the 3rd quarter valued at about $138,000. 64.51% of the stock is owned by hedge funds and other institutional investors.

About Horizon Bancorp (IN)

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.