Horizon Bancorp (IN) (NASDAQ:HBNC) Announces Earnings Results

Horizon Bancorp (IN) (NASDAQ:HBNC) posted its quarterly earnings results on Wednesday. The financial services provider reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.03, Zacks reports. Horizon Bancorp (IN) had a negative net margin of 51.01% and a positive return on equity of 10.01%.

Horizon Bancorp (IN) Stock Up 5.6%

NASDAQ HBNC traded up $0.97 during mid-day trading on Wednesday, reaching $18.24. 374,983 shares of the company’s stock traded hands, compared to its average volume of 326,379. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.32. Horizon Bancorp has a 1-year low of $12.70 and a 1-year high of $18.70. The company has a fifty day simple moving average of $17.19 and a 200-day simple moving average of $16.39. The company has a market cap of $934.25 million, a price-to-earnings ratio of -4.64 and a beta of 0.82.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 16th. Investors of record on Friday, January 2nd were issued a $0.16 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 3.5%. Horizon Bancorp (IN)’s dividend payout ratio is currently -16.28%.

Institutional Trading of Horizon Bancorp (IN)

A number of hedge funds have recently made changes to their positions in HBNC. Empowered Funds LLC lifted its position in shares of Horizon Bancorp (IN) by 28.5% during the first quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider’s stock worth $2,269,000 after purchasing an additional 33,355 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Horizon Bancorp (IN) by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock valued at $388,000 after buying an additional 1,057 shares in the last quarter. Intech Investment Management LLC lifted its holdings in Horizon Bancorp (IN) by 8.2% during the 3rd quarter. Intech Investment Management LLC now owns 20,790 shares of the financial services provider’s stock worth $333,000 after buying an additional 1,569 shares during the last quarter. Qube Research & Technologies Ltd lifted its holdings in Horizon Bancorp (IN) by 63.4% during the 3rd quarter. Qube Research & Technologies Ltd now owns 17,602 shares of the financial services provider’s stock worth $282,000 after buying an additional 6,831 shares during the last quarter. Finally, Quantinno Capital Management LP acquired a new position in shares of Horizon Bancorp (IN) in the 2nd quarter worth approximately $275,000. Institutional investors and hedge funds own 64.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Horizon Bancorp (IN) in a research report on Monday, December 29th. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Horizon Bancorp (IN) in a report on Tuesday, December 2nd. Finally, Zacks Research lowered Horizon Bancorp (IN) from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $19.67.

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.