Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Has Average Price Target of $24.00 According to Brokerages

Horizon Bancorp (IN) (NASDAQ:HBNC) has been assigned a consensus rating of “Moderate Buy” from the five ratings firms that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $24.00.

HBNC has been the topic of a number of research reports. Wall Street Zen raised shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a report on Sunday, August 16th. Stephens increased their price target on Horizon Bancorp (IN) from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Monday, October 26th. Weiss Ratings raised Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday. Piper Sandler restated an “overweight” rating and issued a $25.00 price objective (up from $24.00) on shares of Horizon Bancorp (IN) in a research note on Friday, October 23rd. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, July 24th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Allworth Financial LP purchased a new position in Horizon Bancorp (IN) in the 2nd quarter valued at approximately $31,000. Royal Bank of Canada raised its holdings in Horizon Bancorp (IN) by 93.5% during the 1st quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 1,388 shares during the period. Integrated Wealth Concepts LLC bought a new stake in Horizon Bancorp (IN) during the 2nd quarter valued at $52,000. Quantbot Technologies LP purchased a new stake in shares of Horizon Bancorp (IN) during the second quarter worth $70,000. Finally, Pathway Financial Advisers LLC purchased a new stake in shares of Horizon Bancorp (IN) during the third quarter worth $138,000. 64.51% of the stock is owned by institutional investors.

Horizon Bancorp (IN) Stock Performance

Shares of Horizon Bancorp (IN) stock opened at $20.81 on Monday. The business’s fifty day simple moving average is $19.73 and its 200 day simple moving average is $18.78. 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 12 month low of $15.43 and a 12 month high of $22.00. The firm has a market capitalization of $1.07 billion, a P/E ratio of 9.96 and a beta of 0.82.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its quarterly earnings data on Wednesday, October 21st. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.02. The firm had revenue of $77.09 million during the quarter, compared to the consensus estimate of $77.99 million. Horizon Bancorp (IN) had a return on equity of 15.14% and a net margin of 26.52%. As a group, analysts anticipate that Horizon Bancorp will post 2.10 EPS for the current year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Friday, October 2nd. Horizon Bancorp (IN)’s dividend payout ratio is presently 30.62%.

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.