Horizon Bancorp (IN) (NASDAQ:HBNC) Reaches New 52-Week High – What’s Next?

by · The Cerbat Gem

Shares of Horizon Bancorp (IN) (NASDAQ:HBNC – Get Free Report) reached a new 52-week high on Wednesday . The stock traded as high as $18.31 and last traded at $18.15, with a volume of 453013 shares changing hands. The stock had previously closed at $17.63.

Analyst Ratings Changes

HBNC has been the subject of several analyst reports. Zacks Research downgraded Horizon Bancorp (IN) from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Horizon Bancorp (IN) in a research report on Tuesday, December 2nd. Weiss Ratings reissued a “sell (d)” rating on shares of Horizon Bancorp (IN) in a report on Monday. Finally, Stephens boosted their target price on shares of Horizon Bancorp (IN) from $19.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, September 2nd. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $19.67.

Get Our Latest Report on Horizon Bancorp (IN)

Horizon Bancorp (IN) Trading Up 0.5%

The business’s fifty day simple moving average is $16.32 and its 200 day simple moving average is $15.94. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.32. The stock has a market cap of $946.03 million, a P/E ratio of -4.70 and a beta of 0.84.

Horizon Bancorp (IN) (NASDAQ:HBNC – Get Free Report) last announced its earnings results on Wednesday, October 22nd. The financial services provider reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.16). Horizon Bancorp (IN) had a positive return on equity of 10.01% and a negative net margin of 51.01%.The company had revenue of $59.98 million during the quarter, compared to the consensus estimate of $69.34 million. As a group, analysts expect that Horizon Bancorp will post 1.78 EPS for the current year.

Horizon Bancorp (IN) Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 17th. Shareholders of record on Friday, October 3rd were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Friday, October 3rd. Horizon Bancorp (IN)’s payout ratio is currently -16.28%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue acquired a new position in Horizon Bancorp (IN) in the third quarter valued at about $28,000. Tower Research Capital LLC TRC increased its stake in shares of 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 valued at $101,000 after acquiring an additional 4,024 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Horizon Bancorp (IN) during the second quarter worth $134,000. Quadrant Capital Group LLC acquired a new stake in shares of Horizon Bancorp (IN) during the third quarter worth $140,000. Finally, New York State Common Retirement Fund lifted its position in Horizon Bancorp (IN) by 17.9% in the 3rd quarter. New York State Common Retirement Fund now owns 10,514 shares of the financial services provider’s stock valued at $168,000 after acquiring an additional 1,600 shares in the last quarter. Institutional investors and hedge funds own 64.51% of the company’s stock.

About Horizon Bancorp (IN)

(Get Free Report)

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that engages in the provision of commercial and retail banking services. The company offers checking, saving, money market, certificate of deposits, individual retirement accounts, and time deposits, as well as non-interest- and interest-bearing demand deposits.

Further Reading