Horizon Bancorp (NASDAQ:HBNC) Stock Price Up 5.6% on Better-Than-Expected Earnings

Horizon Bancorp, Inc. (NASDAQ:HBNC)’s share price rose 5.6% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $15.99 and last traded at $15.96. Approximately 26,440 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 159,459 shares. The stock had previously closed at $15.11.

The financial services provider reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.04. The firm had revenue of $102.40 million for the quarter, compared to the consensus estimate of $58.23 million. Horizon Bancorp had a net margin of 5.50% and a return on equity of 8.17%. During the same period last year, the firm posted $0.37 EPS.

Horizon Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Friday, October 4th were issued a dividend of $0.16 per share. The ex-dividend date was Friday, October 4th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.02%. Horizon Bancorp’s dividend payout ratio (DPR) is presently 118.52%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Piper Sandler raised their target price on Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods raised their price target on Horizon Bancorp from $14.00 to $16.00 and gave the company a “market perform” rating in a report on Monday, July 29th. StockNews.com cut shares of Horizon Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday. Finally, Hovde Group began coverage on shares of Horizon Bancorp in a research note on Monday, September 30th. They set an “outperform” rating and a $18.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $16.00.

Institutional Trading of Horizon Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can acquired a new position in Horizon Bancorp during the second quarter worth about $432,000. Foundry Partners LLC boosted its position in shares of Horizon Bancorp by 67.6% during the 2nd quarter. Foundry Partners LLC now owns 124,360 shares of the financial services provider’s stock valued at $1,538,000 after purchasing an additional 50,143 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Horizon Bancorp by 16.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,347 shares of the financial services provider’s stock worth $159,000 after purchasing an additional 1,749 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Horizon Bancorp by 88,223.7% in the 1st quarter. Blue Trust Inc. now owns 67,126 shares of the financial services provider’s stock worth $861,000 after purchasing an additional 67,050 shares in the last quarter. Finally, Axxcess Wealth Management LLC lifted its stake in Horizon Bancorp by 46.7% during the first quarter. Axxcess Wealth Management LLC now owns 15,523 shares of the financial services provider’s stock valued at $199,000 after purchasing an additional 4,943 shares during the last quarter. Institutional investors own 64.51% of the company’s stock.

Horizon Bancorp Stock Down 0.7 %

The company has a debt-to-equity ratio of 2.02, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $701.89 million, a P/E ratio of 29.46 and a beta of 1.04. The stock’s fifty day moving average is $15.46 and its two-hundred day moving average is $13.75.

About Horizon Bancorp

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.