Horizon Bancorp (NASDAQ:HBNC) Reaches New 1-Year High at $22.77

Horizon Bancorp, Inc. (NASDAQ:HBNC)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $22.77 and last traded at $22.62, with a volume of 7399 shares. The stock had previously closed at $21.60.

Several research analysts recently weighed in on HBNC shares. Zacks Investment Research upgraded Horizon Bancorp from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research report on Wednesday, January 5th. Raymond James boosted their price objective on Horizon Bancorp from $24.00 to $25.00 and gave the company a “strong-buy” rating in a report on Friday, December 3rd.

The stock has a fifty day moving average of $20.57 and a two-hundred day moving average of $18.64. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.11. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 11.74 and a beta of 1.21.

Horizon Bancorp (NASDAQ:HBNC) last announced its earnings results on Tuesday, October 26th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.08. Horizon Bancorp had a return on equity of 12.65% and a net margin of 33.17%. The business had revenue of $62.59 million for the quarter, compared to analyst estimates of $59.43 million. During the same period in the previous year, the company earned $0.45 earnings per share. Equities research analysts anticipate that Horizon Bancorp, Inc. will post 2.02 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, January 21st. Shareholders of record on Friday, January 7th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Thursday, January 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.58%. Horizon Bancorp’s payout ratio is currently 30.30%.

In other news, EVP Kathie A. Deruiter sold 4,818 shares of the business’s stock in a transaction that occurred on Tuesday, November 9th. The stock was sold at an average price of $20.22, for a total transaction of $97,419.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.47% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Marshall Wace LLP bought a new position in shares of Horizon Bancorp in the first quarter valued at $26,000. Berman Capital Advisors LLC raised its stake in Horizon Bancorp by 6,433.3% during the 2nd quarter. Berman Capital Advisors LLC now owns 1,960 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,930 shares during the period. New York State Teachers Retirement System acquired a new stake in Horizon Bancorp during the 3rd quarter valued at $65,000. Royal Bank of Canada grew its holdings in shares of Horizon Bancorp by 65.2% during the 3rd quarter. Royal Bank of Canada now owns 5,768 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 2,277 shares in the last quarter. Finally, Metropolitan Life Insurance Co NY grew its holdings in shares of Horizon Bancorp by 77,533.3% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 9,316 shares of the financial services provider’s stock valued at $162,000 after acquiring an additional 9,304 shares in the last quarter. 52.84% of the stock is currently owned by hedge funds and other institutional investors.

Horizon Bancorp Company Profile (NASDAQ:HBNC)

Horizon Bancorp, Inc (Indiana) is a bank holding company, which engages in the provision of commercial and retail banking services. It offers personal banking, business banking, investment and trust, and mortgage services. The company was founded in 1873 and is headquartered in Michigan City, IN.

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