Horizon Bancorp (NASDAQ:HBNC) Issues Earnings Results

Horizon Bancorp (NASDAQ:HBNC) issued its earnings results on Wednesday. The financial services provider reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04, Yahoo Finance reports. The company had revenue of $102.40 million for the quarter, compared to analysts’ expectations of $58.23 million. Horizon Bancorp had a net margin of 5.50% and a return on equity of 8.17%. During the same period in the prior year, the company earned $0.37 earnings per share.

Horizon Bancorp Price Performance

Shares of NASDAQ:HBNC traded down $0.11 during trading hours on Friday, hitting $15.91. 144,678 shares of the company’s stock traded hands, compared to its average volume of 160,381. Horizon Bancorp has a 52 week low of $9.22 and a 52 week high of $16.64. The company’s fifty day simple moving average is $15.41 and its two-hundred day simple moving average is $13.70. The company has a market cap of $701.89 million, a price-to-earnings ratio of 29.67 and a beta of 1.04. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.88 and a current ratio of 0.88.

Horizon Bancorp Dividend Announcement

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

Analysts Set New Price Targets

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

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.