Horizon Bancorp (NASDAQ:HBNC) Trading 5.6% Higher Following Better-Than-Expected Earnings

Horizon Bancorp, Inc. (NASDAQ:HBNC)’s stock price rose 5.6% during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $15.99 and last traded at $15.96. Approximately 26,440 shares changed 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 EPS for the quarter, topping the consensus estimate of $0.37 by $0.04. Horizon Bancorp had a return on equity of 8.17% and a net margin of 5.50%. The business had revenue of $102.40 million for the quarter, compared to analysts’ expectations of $58.23 million. During the same quarter in the previous year, the firm posted $0.37 earnings per share.

Horizon Bancorp Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

Institutional Trading of Horizon Bancorp

Several institutional investors have recently added to or reduced their stakes in HBNC. Bank of Montreal Can bought a new position in shares of Horizon Bancorp in the 2nd quarter worth about $432,000. Foundry Partners LLC raised its stake in Horizon Bancorp by 67.6% during the second quarter. Foundry Partners LLC now owns 124,360 shares of the financial services provider’s stock worth $1,538,000 after acquiring an additional 50,143 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Horizon Bancorp by 16.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,347 shares of the financial services provider’s stock worth $159,000 after acquiring an additional 1,749 shares during the last quarter. Blue Trust Inc. boosted its stake in Horizon Bancorp by 88,223.7% in the first quarter. Blue Trust Inc. now owns 67,126 shares of the financial services provider’s stock valued at $861,000 after acquiring an additional 67,050 shares during the period. Finally, Axxcess Wealth Management LLC grew its holdings in shares of 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 Price Performance

The company has a market capitalization of $701.89 million, a P/E ratio of 29.46 and a beta of 1.04. 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 company has a fifty day moving average price of $15.46 and a 200 day moving average price of $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.