Horizon Bancorp (NASDAQ:HBNC) Stock Rating Lowered by StockNews.com

StockNews.com lowered shares of Horizon Bancorp (NASDAQ:HBNC) from a hold rating to a sell rating in a research note released on Thursday.

A number of other analysts have also recently commented on HBNC. Piper Sandler boosted their target price on shares of Horizon Bancorp from $13.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods boosted their price objective on Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Finally, Hovde Group started coverage on Horizon Bancorp in a report on Monday, September 30th. They set an “outperform” rating and a $18.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Horizon Bancorp presently has a consensus rating of “Hold” and an average target price of $16.00.

Horizon Bancorp Stock Performance

Shares of HBNC stock opened at $15.91 on Thursday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 2.02. Horizon Bancorp has a 12-month low of $9.22 and a 12-month high of $16.64. The business’s 50 day moving average is $15.46 and its two-hundred day moving average is $13.75. The company has a market capitalization of $695.43 million, a P/E ratio of 37.00 and a beta of 1.04.

Horizon Bancorp (NASDAQ:HBNC) last announced its earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. The firm had revenue of $102.40 million for the quarter, compared to analyst estimates of $58.23 million. Horizon Bancorp had a return on equity of 8.17% and a net margin of 5.50%. During the same quarter last year, the firm posted $0.37 EPS. Analysts expect that Horizon Bancorp will post 1.38 EPS for the current fiscal year.

Horizon Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Friday, October 4th were issued a $0.16 dividend. The ex-dividend date was Friday, October 4th. This represents a $0.64 dividend on an annualized basis and a yield of 4.02%. Horizon Bancorp’s payout ratio is 148.84%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in HBNC. Creative Planning boosted its stake in Horizon Bancorp by 8.1% during the third quarter. Creative Planning now owns 55,679 shares of the financial services provider’s stock worth $866,000 after buying an additional 4,155 shares during the last quarter. Inspire Investing LLC purchased a new position in shares of Horizon Bancorp during the 3rd quarter worth $414,000. CWM LLC boosted its position in shares of Horizon Bancorp by 114.2% during the 3rd quarter. CWM LLC now owns 6,958 shares of the financial services provider’s stock valued at $108,000 after acquiring an additional 3,709 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Horizon Bancorp by 34.6% in the third quarter. SG Americas Securities LLC now owns 21,556 shares of the financial services provider’s stock valued at $335,000 after purchasing an additional 5,544 shares during the period. Finally, Sanctuary Advisors LLC acquired a new stake in Horizon Bancorp during the second quarter worth about $150,000. 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.