Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Rated “Hold” by Sell-Side Brokerages

Horizon Bancorp (IN) (NASDAQ:HBNC) has been given an average recommendation of “Hold” by the five analysts that are covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $22.33.

A number of brokerages recently commented on HBNC. Stephens restated an “overweight” rating and set a $21.00 target price on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Piper Sandler reiterated a “neutral” rating and set a $23.00 price target (up from $21.00) on shares of Horizon Bancorp (IN) in a research note on Friday, July 24th. Wall Street Zen raised shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research report on Sunday, August 16th. Keefe, Bruyette & Woods raised their price objective on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Finally, Weiss Ratings cut shares of Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, September 17th.

Insider Activity at Horizon Bancorp (IN)

In other Horizon Bancorp (IN) news, EVP Kathie DeRuiter sold 8,000 shares of the business’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $20.19, for a total value of $161,520.00. Following the completion of the transaction, the executive vice president owned 50,346 shares in the company, valued at $1,016,485.74. The trade was a 13.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC acquired a new position in Horizon Bancorp (IN) during the 2nd quarter worth $396,000. Integrated Wealth Concepts LLC acquired a new stake in Horizon Bancorp (IN) in the 2nd quarter valued at about $52,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Horizon Bancorp (IN) in the 2nd quarter valued at about $553,000. Empowered Funds LLC purchased a new position in shares of Horizon Bancorp (IN) in the 2nd quarter valued at about $542,000. Finally, Bank of America Corp DE acquired a new position in shares of Horizon Bancorp (IN) during the second quarter worth about $2,183,000. 64.51% of the stock is currently owned by hedge funds and other institutional investors.

Horizon Bancorp (IN) Trading Up 1.1%

Shares of HBNC stock opened at $19.22 on Friday. Horizon Bancorp has a 1-year low of $14.97 and a 1-year high of $21.04. The firm has a market cap of $986.95 million, a PE ratio of -6.08 and a beta of 0.81. The company has a 50-day moving average of $19.96 and a two-hundred day moving average of $18.79. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.92 and a quick ratio of 0.92.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02). The firm had revenue of $75.50 million during the quarter, compared to analyst estimates of $76.56 million. Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%. On average, analysts predict that Horizon Bancorp will post 2.07 EPS for the current year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, October 2nd will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Friday, October 2nd. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is currently -20.25%.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp, Inc is a bank holding company headquartered in Michigan City, Indiana. Through its principal subsidiary, Horizon Bank, the company provides a range of banking and financial services to individuals, families, businesses and municipal customers.

Horizon Bank offers deposit accounts, consumer and commercial lending, residential mortgage loans, credit and debit cards, online and mobile banking, cash-management services and other treasury-management solutions. Its business banking activities include commercial real estate financing, commercial and industrial loans, small-business services and agricultural lending in selected markets.

Founded in 1873, Horizon has a long history of serving communities in the Midwest.