Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Rated “Moderate Buy” by Sell-Side Brokerages

Shares of Horizon Bancorp (IN) (NASDAQ:HBNC) have earned an average recommendation of “Moderate Buy” from the five analysts that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $22.67.

Several equities analysts recently weighed in on HBNC shares. Keefe, Bruyette & Woods raised their price target on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Piper Sandler raised Horizon Bancorp (IN) from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $23.00 to $24.00 in a report on Friday, October 2nd. Wall Street Zen raised Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a report on Sunday, August 16th. Stephens reissued an “overweight” rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Finally, Weiss Ratings upgraded Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, October 6th.

Insider Transactions at Horizon Bancorp (IN)

In related news, EVP Kathie DeRuiter sold 8,000 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $20.19, for a total value 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 approximately $1,016,485.74. This represents a 13.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.19% of the company’s stock.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Horizon Bancorp (IN) in the 2nd quarter worth $143,890,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Horizon Bancorp (IN) in the second quarter valued at about $21,797,000. Jennison Associates LLC raised its holdings in shares of Horizon Bancorp (IN) by 29.3% in the first quarter. Jennison Associates LLC now owns 1,605,798 shares of the financial services provider’s stock valued at $26,608,000 after purchasing an additional 363,433 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Horizon Bancorp (IN) during the second quarter valued at about $5,784,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Horizon Bancorp (IN) during the second quarter valued at about $3,906,000. 64.51% of the stock is owned by hedge funds and other institutional investors.

Horizon Bancorp (IN) Stock Down 0.7%

Horizon Bancorp (IN) stock opened at $18.99 on Thursday. Horizon Bancorp has a 1-year low of $14.99 and a 1-year high of $21.04. The firm has a market capitalization of $975.14 million, a price-to-earnings ratio of -6.01 and a beta of 0.84. The firm’s fifty day moving average price is $19.61 and its two-hundred day moving average price is $19.10. 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 (IN) (NASDAQ:HBNC) last issued its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02). The business had revenue of $75.50 million for the quarter, compared to analyst estimates of $76.56 million. Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%. On average, equities research analysts predict that Horizon Bancorp will post 2.08 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, October 2nd will be issued a dividend of $0.16 per share. The ex-dividend date is Friday, October 2nd. This represents a $0.64 annualized dividend and a yield of 3.4%. Horizon Bancorp (IN)’s dividend payout ratio is -20.25%.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp, Inc is the bank holding company for Horizon Bank, a full-service community bank headquartered in Michigan City, Indiana. The company provides banking and financial services to individuals, families, businesses and municipalities through a network of branches and digital banking channels.

Horizon Bank offers deposit products, residential and commercial real estate loans, consumer lending, commercial and industrial financing, agricultural loans and other credit services.