Horizon Bancorp (IN) (NASDAQ:HBNC) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Horizon Bancorp (IN) (NASDAQ:HBNC) from a buy rating to a hold rating in a report issued on Saturday.

Several other equities research analysts have also recently commented on HBNC. Weiss Ratings raised shares of Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday. Piper Sandler restated a “neutral” rating and set a $23.00 price objective (up from $21.00) on shares of Horizon Bancorp (IN) in a research report on Friday, July 24th. Stephens reaffirmed an “overweight” rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $22.33.

Horizon Bancorp (IN) Stock Down 1.0%

HBNC opened at $20.22 on Friday. Horizon Bancorp has a one year low of $14.84 and a one year high of $21.04. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.90 and a current ratio of 0.91. The stock’s fifty day moving average is $19.84 and its 200-day moving average is $18.32. The company has a market capitalization of $1.04 billion, a PE ratio of -6.40 and a beta of 0.82.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate 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 13.52%. On average, equities analysts predict that Horizon Bancorp will post 2.07 EPS for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, July 3rd were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Thursday, July 2nd. Horizon Bancorp (IN)’s payout ratio is presently -20.25%.

Insider Activity

In other news, EVP Kathie A. Deruiter sold 8,000 shares of the business’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $20.19, for a total transaction of $161,520.00. Following the sale, the executive vice president directly owned 50,346 shares of the company’s stock, valued at $1,016,485.74. The trade was a 13.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.19% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in HBNC. EverSource Wealth Advisors LLC raised its holdings in shares of Horizon Bancorp (IN) by 65.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 660 shares during the period. Royal Bank of Canada boosted its stake in Horizon Bancorp (IN) by 93.5% in the 1st quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,388 shares during the period. Tower Research Capital LLC TRC boosted its stake in Horizon Bancorp (IN) by 160.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock worth $101,000 after purchasing an additional 4,024 shares during the period. Rossby Financial LCC purchased a new position in Horizon Bancorp (IN) during the 4th quarter worth approximately $124,000. Finally, Raymond James Financial Inc. purchased a new position in Horizon Bancorp (IN) during the 2nd quarter worth approximately $134,000. 64.51% of the stock is currently owned by institutional investors and hedge funds.

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.