Wall Street Zen upgraded shares of Horizon Bancorp (IN) (NASDAQ:HBNC – Free Report) from a hold rating to a buy rating in a research report sent to investors on Sunday.
A number of other analysts have also commented on the company. Piper Sandler reaffirmed a “neutral” rating and issued a $23.00 target price (up from $21.00) on shares of Horizon Bancorp (IN) in a research report on Friday, July 24th. Stephens reiterated an “overweight” rating and issued a $21.00 price target on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Keefe, Bruyette & Woods raised their price objective on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Finally, Weiss Ratings raised Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $22.33.
Get Our Latest Stock Report on Horizon Bancorp (IN)
Horizon Bancorp (IN) Price Performance
Horizon Bancorp (IN) (NASDAQ:HBNC – Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.02). Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%. The company had revenue of $75.50 million during the quarter, compared to the consensus estimate of $76.56 million. As a group, sell-side analysts forecast that Horizon Bancorp will post 2.07 earnings per share for the current fiscal year.
Horizon Bancorp (IN) Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, July 3rd were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Thursday, July 2nd. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is currently -20.25%.
Insider Activity at Horizon Bancorp (IN)
In other news, EVP Kathie A. Deruiter sold 8,000 shares of the business’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $20.19, for a total transaction of $161,520.00. Following the completion of the sale, the executive vice president directly owned 50,346 shares of the company’s stock, valued at $1,016,485.74. The trade was a 13.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.19% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Horizon Bancorp (IN)
Several large investors have recently added to or reduced their stakes in the business. Bayview Asset Management LLC raised its holdings in shares of Horizon Bancorp (IN) by 0.7% in the fourth quarter. Bayview Asset Management LLC now owns 95,462 shares of the financial services provider’s stock valued at $1,619,000 after purchasing an additional 645 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Horizon Bancorp (IN) by 65.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 660 shares in the last quarter. Rafferty Asset Management LLC boosted its holdings in Horizon Bancorp (IN) by 3.9% during the second quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 941 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in 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 worth $388,000 after purchasing an additional 1,057 shares during the last quarter. Finally, Sanctuary Advisors LLC grew its position in Horizon Bancorp (IN) by 9.6% in the 4th quarter. Sanctuary Advisors LLC now owns 14,845 shares of the financial services provider’s stock worth $252,000 after purchasing an additional 1,298 shares in the last quarter. Institutional investors own 64.51% of the company’s stock.
Horizon Bancorp (IN) Company Profile
Horizon Bancorp (NASDAQ: HBNC) is a financial holding company headquartered in Columbus, Indiana, offering community banking and wealth management services through its subsidiary, Horizon Bank. As a locally focused institution, it provides a full range of retail and commercial banking products, including checking and savings accounts, consumer and mortgage lending, commercial real estate financing, and treasury management solutions.
In addition to traditional deposit and loan products, Horizon Bancorp’s services encompass investment advisory and trust administration, retirement planning, and insurance products.
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