Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Passes Above Two Hundred Day Moving Average Following Weak Earnings

Horizon Bancorp (IN) (NASDAQ:HBNC)’s stock price passed above its two hundred day moving average during trading on Wednesday following a better than expected earnings announcement. The stock has a two hundred day moving average of $15.40 and traded as high as $16.07. Horizon Bancorp (IN) shares last traded at $15.96, with a volume of 333,832 shares traded.

The financial services provider reported $0.30 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.16). Horizon Bancorp (IN) had a net margin of 13.84% and a return on equity of 10.21%.

Horizon Bancorp (IN) Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 17th. Investors of record on Friday, October 3rd were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend was Friday, October 3rd. Horizon Bancorp (IN)’s dividend payout ratio is currently 54.70%.

Analyst Upgrades and Downgrades

Several research firms recently commented on HBNC. Piper Sandler increased their price objective on Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, July 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Horizon Bancorp (IN) in a research note on Wednesday, October 8th. Stephens increased their price objective on Horizon Bancorp (IN) from $19.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, September 2nd. Wall Street Zen downgraded Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, Keefe, Bruyette & Woods raised Horizon Bancorp (IN) from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $18.00 to $19.00 in a research note on Tuesday, August 26th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Horizon Bancorp (IN) has an average rating of “Moderate Buy” and an average target price of $19.67.

Institutional Trading of Horizon Bancorp (IN)

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC grew its holdings in shares of Horizon Bancorp (IN) by 160.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock worth $101,000 after purchasing an additional 4,024 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Horizon Bancorp (IN) during the 2nd quarter worth $134,000. AlphaQuest LLC grew its holdings in shares of Horizon Bancorp (IN) by 394.0% during the 2nd quarter. AlphaQuest LLC now owns 12,260 shares of the financial services provider’s stock worth $189,000 after purchasing an additional 9,778 shares during the period. Quantbot Technologies LP grew its holdings in shares of Horizon Bancorp (IN) by 49.0% during the 1st quarter. Quantbot Technologies LP now owns 13,046 shares of the financial services provider’s stock worth $197,000 after purchasing an additional 4,293 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Horizon Bancorp (IN) during the 1st quarter worth $198,000. 64.51% of the stock is owned by institutional investors and hedge funds.

Horizon Bancorp (IN) Trading Up 1.5%

The firm has a market capitalization of $813.48 million, a PE ratio of 13.64 and a beta of 0.81. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.14. The business has a fifty day moving average price of $16.12 and a two-hundred day moving average price of $15.40.

About Horizon Bancorp (IN)

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.