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

by · The Markets Daily

Horizon Bancorp (IN) (NASDAQ:HBNC – Get Free Report) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.56 EPS for the quarter, topping the consensus estimate of $0.54 by $0.02, Zacks reports. Horizon Bancorp (IN) had a positive return on equity of 13.31% and a negative net margin of 36.38%.

Horizon Bancorp (IN) Price Performance

HBNC traded down $0.10 on Wednesday, hitting $19.60. 475,383 shares of the company’s stock traded hands, compared to its average volume of 488,674. The company’s 50 day simple moving average is $19.54 and its 200-day simple moving average is $19.19. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.21. Horizon Bancorp has a one year low of $15.35 and a one year high of $21.04. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -6.20 and a beta of 0.84.

Horizon Bancorp (IN) Dividend Announcement

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

Insiders Place Their Bets

In other Horizon Bancorp (IN) news, EVP Kathie DeRuiter sold 8,000 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $20.19, for a total transaction of $161,520.00. Following the completion of the sale, the executive vice president directly owned 50,346 shares of the company’s stock, valued at $1,016,485.74. This trade represents a 13.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.19% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on HBNC shares. Piper Sandler upgraded Horizon Bancorp (IN) from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $23.00 to $24.00 in a research report on Friday, October 2nd. Stephens reissued 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 upgraded Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, October 6th. Keefe, Bruyette & Woods upped their price target on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Finally, Wall Street Zen raised 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 assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.67.

Check Out Our Latest Stock Analysis on HBNC

About Horizon Bancorp (IN)

(Get Free Report)

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.

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