Piper Sandler Lowers Horizon Bancorp (NASDAQ:HBNC) Price Target to $13.00

Horizon Bancorp (NASDAQ:HBNC) had its price objective trimmed by Piper Sandler from $14.00 to $13.00 in a research report report published on Monday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Separately, StockNews.com cut shares of Horizon Bancorp from a hold rating to a sell rating in a research note on Wednesday, April 10th.

Horizon Bancorp Stock Performance

NASDAQ HBNC opened at $11.54 on Monday. The stock has a market cap of $509.03 million, a P/E ratio of 21.37 and a beta of 1.02. The company’s 50-day simple moving average is $12.05 and its 200 day simple moving average is $12.12. Horizon Bancorp has a twelve month low of $7.69 and a twelve month high of $14.71. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.16.

Horizon Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 19th. Shareholders of record on Friday, April 5th were given a $0.16 dividend. The ex-dividend date of this dividend was Thursday, April 4th. This represents a $0.64 dividend on an annualized basis and a yield of 5.55%. Horizon Bancorp’s dividend payout ratio (DPR) is presently 118.52%.

Hedge Funds Weigh In On Horizon Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Horizon Bancorp by 1.6% in the third quarter. Vanguard Group Inc. now owns 2,183,993 shares of the financial services provider’s stock valued at $23,325,000 after buying an additional 34,861 shares in the last quarter. Sapient Capital LLC acquired a new position in Horizon Bancorp in the fourth quarter valued at about $29,765,000. Dimensional Fund Advisors LP boosted its position in Horizon Bancorp by 5.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,955,694 shares of the financial services provider’s stock valued at $27,987,000 after buying an additional 94,332 shares in the last quarter. PL Capital Advisors LLC boosted its position in Horizon Bancorp by 4.3% in the third quarter. PL Capital Advisors LLC now owns 1,620,090 shares of the financial services provider’s stock valued at $17,303,000 after buying an additional 67,000 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in Horizon Bancorp by 7.6% in the third quarter. AQR Capital Management LLC now owns 634,821 shares of the financial services provider’s stock valued at $6,780,000 after buying an additional 44,810 shares in the last quarter. 64.51% of the stock is currently owned by institutional investors and hedge funds.

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.