Horizon Bancorp (NASDAQ:HBNC) Sets New 1-Year High – Still a Buy?

Horizon Bancorp, Inc. (NASDAQ:HBNC) shares reached a new 52-week high on Monday . The stock traded as high as $19.06 and last traded at $18.99, with a volume of 32762 shares traded. The stock had previously closed at $18.53.

Wall Street Analyst Weigh In

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

Horizon Bancorp Price Performance

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 company has a 50 day simple moving average of $16.24 and a 200 day simple moving average of $14.57. The stock has a market cap of $822.37 million, a P/E ratio of 39.41 and a beta of 1.03.

Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. The business had revenue of $102.40 million for the quarter, compared to analyst estimates of $58.23 million. Horizon Bancorp had a net margin of 5.89% and a return on equity of 8.27%. During the same quarter in the previous year, the firm posted $0.37 earnings per share. Sell-side analysts forecast that Horizon Bancorp, Inc. will post 1.4 earnings per share for the current fiscal year.

Horizon Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Friday, October 4th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend was Friday, October 4th. Horizon Bancorp’s payout ratio is 136.17%.

Institutional Trading of Horizon Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of HBNC. Quarry LP increased its position in shares of Horizon Bancorp by 508.1% during the 3rd quarter. Quarry LP now owns 2,098 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 1,753 shares during the last quarter. CWM LLC increased its holdings in Horizon Bancorp by 1,656.2% during the second quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock worth $40,000 after buying an additional 3,064 shares during the last quarter. Pathway Financial Advisers LLC bought a new stake in Horizon Bancorp during the first quarter worth $80,000. Mackenzie Financial Corp acquired a new stake in Horizon Bancorp in the second quarter valued at $133,000. Finally, Elser Financial Planning Inc bought a new position in shares of Horizon Bancorp in the 2nd quarter valued at about $137,000. Institutional investors 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.