Horizon Bancorp (IN) (NASDAQ:HBNC) Short Interest Update

Horizon Bancorp (IN) (NASDAQ:HBNC) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totaling 697,300 shares, an increase of 49.2% from the September 15th total of 467,400 shares. Based on an average daily trading volume, of 346,700 shares, the days-to-cover ratio is currently 2.0 days. Based on an average daily trading volume, of 346,700 shares, the days-to-cover ratio is currently 2.0 days.

Horizon Bancorp (IN) Stock Performance

HBNC opened at $15.96 on Thursday. The business has a 50 day moving average price of $16.12 and a two-hundred day moving average price of $15.40. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.76 and a quick ratio of 0.76. The company has a market capitalization of $813.48 million, a price-to-earnings ratio of 13.64 and a beta of 0.81. Horizon Bancorp has a 1-year low of $12.70 and a 1-year high of $19.18.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its quarterly earnings results 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 net margin of 13.84% and a return on equity of 10.21%. Research analysts predict that Horizon Bancorp will post 1.78 EPS for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 17th. Shareholders of record on Friday, October 3rd were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis 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 presently 54.70%.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Several large investors have recently made changes to their positions in HBNC. Victory Capital Management Inc. bought a new stake in shares of Horizon Bancorp (IN) in the 1st quarter worth approximately $995,000. Nuveen LLC bought a new position in shares of Horizon Bancorp (IN) in the first quarter valued at $5,296,000. Vanguard Group Inc. increased its holdings in shares of Horizon Bancorp (IN) by 5.8% in the first quarter. Vanguard Group Inc. now owns 2,594,577 shares of the financial services provider’s stock valued at $39,126,000 after buying an additional 142,298 shares in the last quarter. Strs Ohio acquired a new stake in shares of Horizon Bancorp (IN) during the 1st quarter valued at $552,000. Finally, Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Horizon Bancorp (IN) by 23.5% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 576,510 shares of the financial services provider’s stock worth $8,694,000 after acquiring an additional 109,580 shares in the last quarter. Institutional investors own 64.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Wall Street Zen cut Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Keefe, Bruyette & Woods upgraded shares of Horizon Bancorp (IN) from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $18.00 to $19.00 in a research report on Tuesday, August 26th. Weiss Ratings restated a “hold (c)” rating on shares of Horizon Bancorp (IN) in a research report on Wednesday, October 8th. Piper Sandler raised their price target on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, July 28th. Finally, Stephens lifted their price target on Horizon Bancorp (IN) from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $19.67.

Horizon Bancorp (IN) 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.