Horizon Bancorp (IN) (NASDAQ:HBNC) Sets New 52-Week High – Here’s Why

Horizon Bancorp (IN) (NASDAQ:HBNC) reached a new 52-week high on Monday . The stock traded as high as $19.75 and last traded at $19.8450, with a volume of 714611 shares. The stock had previously closed at $19.75.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports 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. Piper Sandler reaffirmed a “neutral” rating and issued a $21.00 price target (down from $22.00) on shares of Horizon Bancorp (IN) in a research note on Monday, April 27th. Stephens initiated coverage on Horizon Bancorp (IN) in a research report on Friday, March 27th. They set an “overweight” rating and a $20.00 price objective for the company. Weiss Ratings upgraded Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, April 24th. Finally, Wall Street Zen lowered Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research report on Saturday, May 23rd. 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 company presently has a consensus rating of “Hold” and an average target price of $20.67.

Horizon Bancorp (IN) Price Performance

The company’s 50-day simple moving average is $18.13 and its 200 day simple moving average is $17.58. The company has a market capitalization of $1.00 billion, a P/E ratio of -6.17 and a beta of 0.83. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.22.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share 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 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%. As a group, sell-side analysts expect that Horizon Bancorp will post 2.1 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Friday, April 3rd were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.3%. The ex-dividend date was Thursday, April 2nd. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is -20.13%.

Institutional Trading of Horizon Bancorp (IN)

Several large investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Horizon Bancorp (IN) by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock valued at $388,000 after acquiring an additional 1,057 shares in the last quarter. Empowered Funds LLC boosted its position in Horizon Bancorp (IN) by 28.5% during the first quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider’s stock worth $2,269,000 after purchasing an additional 33,355 shares during the period. Jane Street Group LLC acquired a new position in Horizon Bancorp (IN) during the first quarter valued at approximately $1,231,000. Rhumbline Advisers raised its position in shares of Horizon Bancorp (IN) by 3.2% in the second quarter. Rhumbline Advisers now owns 68,401 shares of the financial services provider’s stock valued at $1,052,000 after purchasing an additional 2,093 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Horizon Bancorp (IN) in the second quarter valued at approximately $816,000. Institutional investors 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.