Horizon Bancorp (NASDAQ:HBNC) Sets New 1-Year High – Time to Buy?

Horizon Bancorp, Inc. (NASDAQ:HBNC)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $16.69 and last traded at $16.69, with a volume of 13902 shares traded. The stock had previously closed at $16.19.

Wall Street Analyst Weigh In

HBNC has been the subject of a number of analyst reports. Hovde Group assumed coverage on Horizon Bancorp in a research report on Monday, September 30th. They set an “outperform” rating and a $18.00 price objective for the company. Piper Sandler lifted their price target on Horizon Bancorp from $13.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. StockNews.com downgraded shares of Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $16.00.

Horizon Bancorp Price Performance

The firm has a 50-day moving average of $15.51 and a 200 day moving average of $13.84. The company has a market capitalization of $722.18 million, a PE ratio of 29.98 and a beta of 1.04. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.88 and a quick ratio of 0.88.

Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Horizon Bancorp had a net margin of 5.50% and a return on equity of 8.17%. The firm had revenue of $102.40 million for the quarter, compared to the consensus estimate of $58.23 million. During the same quarter last year, the firm posted $0.37 EPS. As a group, research analysts anticipate that Horizon Bancorp, Inc. will post 1.38 earnings per share for the current fiscal year.

Horizon Bancorp Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend was Friday, October 4th. This represents a $0.64 dividend on an annualized basis and a yield of 3.91%. Horizon Bancorp’s dividend payout ratio is presently 118.52%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of HBNC. Bank of Montreal Can purchased a new position in shares of Horizon Bancorp during the 2nd quarter worth $432,000. Foundry Partners LLC grew its holdings in Horizon Bancorp by 67.6% during the second quarter. Foundry Partners LLC now owns 124,360 shares of the financial services provider’s stock valued at $1,538,000 after purchasing an additional 50,143 shares during the period. Price T Rowe Associates Inc. MD increased its position in Horizon Bancorp by 16.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,347 shares of the financial services provider’s stock worth $159,000 after buying an additional 1,749 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Horizon Bancorp by 88,223.7% in the first quarter. Blue Trust Inc. now owns 67,126 shares of the financial services provider’s stock worth $861,000 after buying an additional 67,050 shares during the period. Finally, Axxcess Wealth Management LLC lifted its position in shares of Horizon Bancorp by 46.7% during the 1st quarter. Axxcess Wealth Management LLC now owns 15,523 shares of the financial services provider’s stock valued at $199,000 after buying an additional 4,943 shares in the last quarter. Institutional investors own 64.51% of the company’s stock.

Horizon Bancorp 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.