Horizon Bancorp (NASDAQ:HBNC) Reaches New 52-Week High – Should You Buy?

Horizon Bancorp, Inc. (NASDAQ:HBNC) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $17.96 and last traded at $17.87, with a volume of 2020 shares trading hands. The stock had previously closed at $16.42.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on HBNC shares. Hovde Group initiated coverage on Horizon Bancorp in a report on Monday, September 30th. They set an “outperform” rating and a $18.00 target price on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. 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. Finally, StockNews.com raised shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Horizon Bancorp presently has a consensus rating of “Hold” and a consensus target price of $16.00.

Horizon Bancorp Trading Down 3.2 %

The business has a 50 day moving average of $15.67 and a 200 day moving average of $14.06. The firm has a market capitalization of $774.58 million, a price-to-earnings ratio of 37.70 and a beta of 1.03. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.88 and a quick ratio of 0.88.

Horizon Bancorp (NASDAQ:HBNC) last posted its 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 analyst estimates 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 previous year, the company earned $0.37 EPS. As a group, research analysts predict that Horizon Bancorp, Inc. will post 1.41 earnings per share for the current fiscal year.

Horizon Bancorp Announces Dividend

The company also recently announced 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 of this dividend was Friday, October 4th. This represents a $0.64 annualized dividend and a yield of 3.61%. Horizon Bancorp’s dividend payout ratio (DPR) is presently 136.17%.

Institutional Trading of Horizon Bancorp

Large investors have recently made changes to their positions in the company. BNP Paribas Financial Markets raised its position in shares of Horizon Bancorp by 23.4% during the first quarter. BNP Paribas Financial Markets now owns 28,977 shares of the financial services provider’s stock worth $372,000 after purchasing an additional 5,496 shares during the period. LSV Asset Management boosted its stake in Horizon Bancorp by 6.7% in the 1st quarter. LSV Asset Management now owns 557,373 shares of the financial services provider’s stock worth $7,151,000 after purchasing an additional 34,958 shares during the period. Empowered Funds LLC increased its holdings in Horizon Bancorp by 27.7% during the 1st quarter. Empowered Funds LLC now owns 98,206 shares of the financial services provider’s stock worth $1,260,000 after purchasing an additional 21,284 shares in the last quarter. Axxcess Wealth Management LLC raised its stake in shares of Horizon Bancorp by 46.7% in the 1st 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 period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 valued at $159,000 after purchasing an additional 1,749 shares in the last quarter. Institutional investors own 64.51% of the company’s stock.

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.