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

Horizon Bancorp (IN) (NASDAQ:HBNC)’s share price 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. The stock had previously closed at $17.63.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Stephens boosted their price objective on shares of Horizon Bancorp (IN) from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, September 2nd. Zacks Research cut shares of Horizon Bancorp (IN) from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Weiss Ratings reiterated a “sell (d)” rating on shares of Horizon Bancorp (IN) in a report on Monday. Finally, Keefe, Bruyette & Woods restated an “outperform” rating on shares of Horizon Bancorp (IN) in a report on Tuesday, December 2nd. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $19.67.

Horizon Bancorp (IN) Stock Performance

The stock has a fifty day moving average of $16.18 and a 200-day moving average of $15.88. The firm has a market capitalization of $929.64 million, a P/E ratio of -4.62 and a beta of 0.84. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.32.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its quarterly 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). The firm had revenue of $59.98 million for the quarter, compared to analyst estimates of $69.34 million. Horizon Bancorp (IN) had a positive return on equity of 10.01% and a negative net margin of 51.01%. On average, research analysts anticipate 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. Investors of record on Friday, October 3rd were given a $0.16 dividend. The ex-dividend date of this dividend was Friday, October 3rd. This represents a $0.64 dividend on an annualized basis and a yield of 3.5%. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is -16.28%.

Hedge Funds Weigh In On Horizon Bancorp (IN)

A number of large investors have recently modified their holdings of HBNC. State of Alaska Department of Revenue acquired a new stake in shares of Horizon Bancorp (IN) in the third quarter valued at about $28,000. Tower Research Capital LLC TRC grew its stake in Horizon Bancorp (IN) by 160.2% in the second quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock valued at $101,000 after purchasing an additional 4,024 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Horizon Bancorp (IN) during the 2nd quarter worth approximately $134,000. Quadrant Capital Group LLC acquired a new position in shares of Horizon Bancorp (IN) during the 3rd quarter worth approximately $140,000. Finally, New York State Common Retirement Fund raised its stake in shares of Horizon Bancorp (IN) by 17.9% during the 3rd quarter. New York State Common Retirement Fund now owns 10,514 shares of the financial services provider’s stock worth $168,000 after purchasing an additional 1,600 shares in the last quarter. 64.51% of the stock is currently owned by institutional investors and hedge funds.

Horizon Bancorp (IN) Company Profile

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.