Horizon Bancorp (IN) (NASDAQ:HBNC) Downgraded to Hold Rating by 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 morning.

HBNC has been the subject of a number of other research reports. Weiss Ratings raised Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, April 24th. Stephens began coverage on Horizon Bancorp (IN) in a research note on Friday, March 27th. They issued an “overweight” rating and a $20.00 price objective for the company. Piper Sandler reaffirmed a “neutral” rating and issued a $21.00 price objective (down from $22.00) on shares of Horizon Bancorp (IN) in a research note on Monday, April 27th. Zacks Research raised Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Finally, Keefe, Bruyette & Woods upped their price objective on Horizon Bancorp (IN) from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, January 23rd. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $20.67.

Horizon Bancorp (IN) Stock Performance

Shares of HBNC opened at $18.32 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.59. The business has a 50-day simple moving average of $16.97 and a two-hundred day simple moving average of $17.04. The stock has a market cap of $938.53 million, a price-to-earnings ratio of -5.76 and a beta of 0.83. Horizon Bancorp has a 52 week low of $14.34 and a 52 week high of $19.07.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. The business had revenue of $73.48 million during the quarter, compared to analysts’ expectations of $76.11 million. Horizon Bancorp (IN) had a positive return on equity of 12.35% and a negative net margin of 37.28%. On average, analysts expect that Horizon Bancorp will post 2.1 EPS for the current year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, April 3rd were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Thursday, April 2nd. Horizon Bancorp (IN)’s dividend payout ratio is presently -20.13%.

Institutional Investors Weigh In On Horizon Bancorp (IN)

Several hedge funds and other institutional investors have recently modified their holdings of HBNC. Wellington Management Group LLP purchased a new stake in shares of Horizon Bancorp (IN) in the third quarter worth approximately $24,842,000. FJ Capital Management LLC increased its holdings in Horizon Bancorp (IN) by 309.5% during the 4th quarter. FJ Capital Management LLC now owns 1,083,840 shares of the financial services provider’s stock worth $18,382,000 after purchasing an additional 819,189 shares during the period. Alliancebernstein L.P. increased its holdings in Horizon Bancorp (IN) by 1,202.2% during the 3rd quarter. Alliancebernstein L.P. now owns 593,109 shares of the financial services provider’s stock worth $9,496,000 after purchasing an additional 547,561 shares during the period. Jennison Associates LLC increased its holdings in Horizon Bancorp (IN) by 69.6% during the 4th quarter. Jennison Associates LLC now owns 1,242,365 shares of the financial services provider’s stock worth $21,071,000 after purchasing an additional 509,775 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its holdings in Horizon Bancorp (IN) by 78.9% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 963,397 shares of the financial services provider’s stock worth $16,339,000 after purchasing an additional 424,896 shares during the period. 64.51% of the stock is currently owned by hedge funds and other institutional investors.

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.