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

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Piper Sandler increased their price target on Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Hovde Group initiated coverage on Horizon Bancorp in a research report on Monday, September 30th. They set an “outperform” rating and a $18.00 price objective for the company. StockNews.com raised Horizon Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Finally, Keefe, Bruyette & Woods raised their price target on Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Horizon Bancorp currently has a consensus rating of “Hold” and an average price target of $16.00.

Horizon Bancorp Price Performance

The stock has a 50 day moving average of $15.76 and a two-hundred day moving average of $14.18. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market capitalization of $811.29 million, a P/E ratio of 39.91 and a beta of 1.03.

Horizon Bancorp (NASDAQ:HBNC) last released its earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Horizon Bancorp had a return on equity of 8.36% and a net margin of 5.89%. The firm had revenue of $102.40 million for the quarter, compared to analyst estimates of $58.23 million. During the same quarter last year, the firm posted $0.37 EPS. Sell-side analysts predict that Horizon Bancorp, Inc. will post 1.4 earnings per share for the current fiscal year.

Horizon Bancorp Announces Dividend

The company also recently disclosed 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. This represents a $0.64 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend was Friday, October 4th. Horizon Bancorp’s payout ratio is presently 136.17%.

Institutional Trading of Horizon Bancorp

Institutional investors have recently modified their holdings of the company. CWM LLC grew its position in Horizon Bancorp by 1,656.2% in the second quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 3,064 shares during the period. Pathway Financial Advisers LLC bought a new stake in Horizon Bancorp in the first quarter valued at $80,000. Mackenzie Financial Corp bought a new stake in Horizon Bancorp in the second quarter valued at $133,000. Elser Financial Planning Inc bought a new stake in Horizon Bancorp in the second quarter valued at $137,000. Finally, EMC Capital Management grew its position in Horizon Bancorp by 11.0% in the first quarter. EMC Capital Management now owns 10,773 shares of the financial services provider’s stock valued at $138,000 after acquiring an additional 1,064 shares during the period. Institutional investors and hedge funds own 64.51% of the company’s stock.

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.