Horizon Bancorp (IN) (NASDAQ:HBNC) Receives Average Recommendation of “Hold” from Analysts

Horizon Bancorp (IN) (NASDAQ:HBNC) has been given a consensus rating of “Hold” by the five analysts that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $19.6667.

Several research analysts have weighed in on the stock. Stephens upped their target price on shares of Horizon Bancorp (IN) from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 2nd. Zacks Research lowered Horizon Bancorp (IN) from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Horizon Bancorp (IN) in a report on Monday. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Horizon Bancorp (IN) in a report on Tuesday, December 2nd.

Horizon Bancorp (IN) Price Performance

Shares of HBNC opened at $18.31 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.32. The stock’s 50 day moving average is $16.51 and its two-hundred day moving average is $16.03. Horizon Bancorp has a twelve month low of $12.70 and a twelve month high of $18.70. The firm has a market capitalization of $937.84 million, a PE ratio of -4.66 and a beta of 0.84.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.16). Horizon Bancorp (IN) had a positive return on equity of 10.01% and a negative net margin of 51.01%.The business had revenue of $59.98 million during the quarter, compared to analysts’ expectations of $69.34 million. Research analysts anticipate that Horizon Bancorp will post 1.78 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 16th. Shareholders of record on Friday, January 2nd will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.5%. The ex-dividend date is Friday, January 2nd. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is -16.28%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of HBNC. Rafferty Asset Management LLC raised its stake in Horizon Bancorp (IN) by 3.9% during the 2nd quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider’s stock valued at $382,000 after acquiring an additional 941 shares in the last quarter. Keybank National Association OH increased its holdings in shares of Horizon Bancorp (IN) by 7.6% during the second quarter. Keybank National Association OH now owns 14,089 shares of the financial services provider’s stock valued at $217,000 after purchasing an additional 1,000 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 purchasing an additional 1,057 shares in the last quarter. Intech Investment Management LLC raised its stake in shares of Horizon Bancorp (IN) by 8.2% during the third quarter. Intech Investment Management LLC now owns 20,790 shares of the financial services provider’s stock valued at $333,000 after purchasing an additional 1,569 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in Horizon Bancorp (IN) by 17.9% in the third quarter. New York State Common Retirement Fund now owns 10,514 shares of the financial services provider’s stock worth $168,000 after purchasing an additional 1,600 shares during the period. 64.51% of the stock is owned by hedge funds and other institutional investors.

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.