Horizon Bancorp (IN) (NASDAQ:HBNC) Issues Quarterly Earnings Results

Horizon Bancorp (IN) (NASDAQ:HBNC) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.56 EPS for the quarter, beating the consensus estimate of $0.54 by $0.02, Zacks reports. Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%. The firm had revenue of $77.09 million during the quarter, compared to analyst estimates of $77.99 million.

Horizon Bancorp (IN) Stock Down 0.5%

Horizon Bancorp (IN) stock opened at $19.60 on Thursday. The firm has a 50 day moving average price of $19.52 and a 200-day moving average price of $19.21. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.21. Horizon Bancorp has a twelve month low of $15.35 and a twelve month high of $21.04. The company has a market capitalization of $1.01 billion, a P/E ratio of -6.20 and a beta of 0.84.

Horizon Bancorp (IN) Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 16th. Stockholders of record on Friday, October 2nd were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Friday, October 2nd. Horizon Bancorp (IN)’s dividend payout ratio is currently -20.25%.

Analyst Ratings Changes

Several research firms have recently issued reports on HBNC. Keefe, Bruyette & Woods upped their target price on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Piper Sandler raised Horizon Bancorp (IN) from a “neutral” rating to an “overweight” rating and increased their price target for the company from $23.00 to $24.00 in a research report on Friday, October 2nd. Stephens reiterated an “overweight” rating and set a $21.00 price target on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Weiss Ratings cut Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday. Finally, Wall Street Zen upgraded Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research note on Sunday, August 16th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Horizon Bancorp (IN) currently has an average rating of “Moderate Buy” and an average price target of $22.67.

Insider Activity at Horizon Bancorp (IN)

In related news, EVP Kathie DeRuiter sold 8,000 shares of Horizon Bancorp (IN) stock in a transaction that occurred 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 sale, the executive vice president owned 50,346 shares of the company’s stock, valued at approximately $1,016,485.74. The trade was a 13.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.19% of the company’s stock.

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.