Horizon Bancorp (IN) (NASDAQ:HBNC) Releases Earnings Results, Misses Estimates By $0.02 EPS

Horizon Bancorp (IN) (NASDAQ:HBNC) announced its quarterly earnings data on Wednesday. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.02), FiscalAI reports. The firm had revenue of $75.50 million for the quarter, compared to analysts’ expectations of $76.56 million. Horizon Bancorp (IN) had a positive return on equity of 12.41% and a negative net margin of 37.28%.

Horizon Bancorp (IN) Price Performance

NASDAQ HBNC opened at $20.21 on Thursday. The stock has a 50-day simple moving average of $19.26 and a 200 day simple moving average of $18.01. Horizon Bancorp has a twelve month low of $14.84 and a twelve month high of $20.66. The stock has a market capitalization of $1.04 billion, a PE ratio of -6.36 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.90 and a current ratio of 0.91.

Horizon Bancorp (IN) Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, July 3rd were paid a $0.16 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. Horizon Bancorp (IN)’s payout ratio is presently -20.13%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Rafferty Asset Management LLC raised its holdings in shares of Horizon Bancorp (IN) by 3.9% in the 2nd quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider’s stock worth $382,000 after buying an additional 941 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in 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 acquiring an additional 1,057 shares during the period. Intech Investment Management LLC lifted its holdings in shares of Horizon Bancorp (IN) by 8.2% during the third quarter. Intech Investment Management LLC now owns 20,790 shares of the financial services provider’s stock valued at $333,000 after acquiring an additional 1,569 shares during the period. Comerica Bank lifted its holdings in shares of Horizon Bancorp (IN) by 12.7% during the third quarter. Comerica Bank now owns 14,659 shares of the financial services provider’s stock valued at $235,000 after acquiring an additional 1,649 shares during the period. Finally, Quadrant Capital Group LLC boosted its stake in shares of Horizon Bancorp (IN) by 20.4% in the 4th quarter. Quadrant Capital Group LLC now owns 10,503 shares of the financial services provider’s stock valued at $178,000 after purchasing an additional 1,781 shares in the last quarter. 64.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

HBNC has been the topic of a number of recent research reports. Wall Street Zen downgraded Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research note on Monday. Stephens reissued an “overweight” rating and issued a $21.00 target price on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Weiss Ratings downgraded shares of Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday. Zacks Research upgraded shares of Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Finally, 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. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $21.00.

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.