Horizon Bancorp (NASDAQ:HBNC) Reaches New 12-Month High – Still a Buy?

Horizon Bancorp, Inc. (NASDAQ:HBNC)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $18.85 and last traded at $18.79, with a volume of 6781 shares. The stock had previously closed at $18.76.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on HBNC shares. Keefe, Bruyette & Woods upped their price target on Horizon Bancorp from $14.00 to $16.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. StockNews.com raised Horizon Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Piper Sandler upped their price target on Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Finally, Hovde Group started coverage on Horizon Bancorp in a research note on Monday, September 30th. They set an “outperform” rating and a $18.00 price target on the stock. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $16.00.

Horizon Bancorp Stock Down 1.1 %

The firm has a fifty day simple moving average of $15.76 and a 200-day simple moving average of $14.18. The company has a market capitalization of $811.29 million, a P/E ratio of 39.91 and a beta of 1.03. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 2.02.

Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.04. The company had revenue of $102.40 million during the quarter, compared to the consensus estimate of $58.23 million. Horizon Bancorp had a return on equity of 8.36% and a net margin of 5.89%. During the same period in the prior year, the company earned $0.37 earnings per share. On average, equities research analysts expect that Horizon Bancorp, Inc. will post 1.4 EPS for the current fiscal year.

Horizon Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Friday, October 4th were paid 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 3.45%. Horizon Bancorp’s dividend payout ratio is 136.17%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its position in shares of Horizon Bancorp by 6.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 350,981 shares of the financial services provider’s stock valued at $5,458,000 after buying an additional 22,727 shares during the last quarter. Foundry Partners LLC lifted its position in shares of Horizon Bancorp by 46.0% in the third quarter. Foundry Partners LLC now owns 181,600 shares of the financial services provider’s stock valued at $2,824,000 after buying an additional 57,240 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Horizon Bancorp by 5.3% in the third quarter. Empowered Funds LLC now owns 111,394 shares of the financial services provider’s stock valued at $1,732,000 after buying an additional 5,628 shares during the last quarter. Meritage Portfolio Management lifted its position in shares of Horizon Bancorp by 9.1% in the third quarter. Meritage Portfolio Management now owns 19,796 shares of the financial services provider’s stock valued at $308,000 after buying an additional 1,658 shares during the last quarter. Finally, Creative Planning lifted its position in shares of Horizon Bancorp by 8.1% in the third quarter. Creative Planning now owns 55,679 shares of the financial services provider’s stock valued at $866,000 after buying an additional 4,155 shares during the last quarter. 64.51% of the stock is currently owned by institutional investors.

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.