Horizon Bancorp (NASDAQ:HBNC) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Horizon Bancorp (NASDAQ:HBNC) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.04, Yahoo Finance reports. The company had revenue of $102.40 million for the quarter, compared to the consensus estimate of $58.23 million. Horizon Bancorp had a return on equity of 8.17% and a net margin of 5.50%. During the same period last year, the business posted $0.37 earnings per share.

Horizon Bancorp Price Performance

HBNC traded down $0.11 during midday trading on Friday, reaching $15.91. 144,678 shares of the company’s stock were exchanged, compared to its average volume of 160,381. The firm has a market capitalization of $701.89 million, a price-to-earnings ratio of 29.67 and a beta of 1.04. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 2.02. Horizon Bancorp has a one year low of $9.22 and a one year high of $16.64. The business has a 50-day simple moving average of $15.41 and a two-hundred day simple moving average of $13.70.

Horizon Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Friday, October 4th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date was Friday, October 4th. Horizon Bancorp’s dividend payout ratio is 118.52%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on HBNC. Hovde Group began coverage on Horizon Bancorp in a research report on Monday, September 30th. They issued an “outperform” rating and a $18.00 price target on the stock. Keefe, Bruyette & Woods raised their price target on Horizon Bancorp from $14.00 to $16.00 and gave the company a “market perform” rating in a research report on Monday, July 29th. Piper Sandler raised their price target on Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Finally, StockNews.com cut shares of Horizon Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $16.00.

About Horizon Bancorp

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.