Piper Sandler Lowers Horizon Bancorp (NASDAQ:HBNC) Price Target to $19.00

Horizon Bancorp (NASDAQ:HBNC) had its price objective cut by Piper Sandler from $20.00 to $19.00 in a research report released on Monday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other equities analysts also recently weighed in on HBNC. Keefe, Bruyette & Woods boosted their target price on shares of Horizon Bancorp from $17.00 to $19.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Hovde Group assumed coverage on shares of Horizon Bancorp in a research note on Monday, September 30th. They issued an “outperform” rating and a $18.00 price target on the stock. Finally, StockNews.com upgraded Horizon Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, November 1st.

Horizon Bancorp Price Performance

HBNC stock opened at $16.95 on Monday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.83. The stock has a market cap of $741.05 million, a PE ratio of 21.19 and a beta of 1.08. Horizon Bancorp has a 1 year low of $11.18 and a 1 year high of $19.18. The stock has a 50-day moving average price of $16.83 and a two-hundred day moving average price of $16.08.

Horizon Bancorp (NASDAQ:HBNC) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). Horizon Bancorp had a net margin of 9.86% and a return on equity of 8.48%. Equities analysts forecast that Horizon Bancorp will post 1.67 EPS for the current fiscal year.

Horizon Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Friday, January 3rd were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, January 3rd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.78%. Horizon Bancorp’s payout ratio is presently 80.00%.

Institutional Investors Weigh In On Horizon Bancorp

Several institutional investors have recently made changes to their positions in HBNC. AMI Investment Management Inc. raised its holdings in Horizon Bancorp by 10.2% in the 4th quarter. AMI Investment Management Inc. now owns 11,932 shares of the financial services provider’s stock valued at $192,000 after acquiring an additional 1,109 shares in the last quarter. Meritage Portfolio Management lifted its position in Horizon Bancorp by 9.1% during the third quarter. Meritage Portfolio Management now owns 19,796 shares of the financial services provider’s stock worth $308,000 after purchasing an additional 1,658 shares during the period. Franklin Resources Inc. grew its stake in Horizon Bancorp by 7.0% during the third quarter. Franklin Resources Inc. now owns 25,996 shares of the financial services provider’s stock worth $399,000 after buying an additional 1,703 shares in the last quarter. Quarry LP increased its holdings in Horizon Bancorp by 508.1% in the 3rd quarter. Quarry LP now owns 2,098 shares of the financial services provider’s stock valued at $33,000 after buying an additional 1,753 shares during the period. Finally, R Squared Ltd acquired a new position in shares of Horizon Bancorp in the 4th quarter valued at approximately $39,000. 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.