Piper Sandler Boosts Horizon Bancorp (NASDAQ:HBNC) Price Target to $18.00

Horizon Bancorp (NASDAQ:HBNC) had its price objective increased by Piper Sandler from $13.00 to $18.00 in a report released on Monday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the financial services provider’s stock.

Separately, StockNews.com raised shares of Horizon Bancorp from a sell rating to a hold rating in a research note on Friday, May 31st.

Horizon Bancorp Stock Down 0.9 %

Shares of NASDAQ:HBNC opened at $15.97 on Monday. The company has a market cap of $704.53 million, a price-to-earnings ratio of 29.57 and a beta of 1.05. Horizon Bancorp has a 12 month low of $9.22 and a 12 month high of $16.62. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 2.04. The company has a 50-day moving average price of $12.92 and a 200 day moving average price of $12.59.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.01. The business had revenue of $97.47 million during the quarter, compared to analyst estimates of $55.03 million. Horizon Bancorp had a return on equity of 8.21% and a net margin of 5.50%. During the same period last year, the company earned $0.41 EPS. As a group, equities research analysts predict that Horizon Bancorp will post 1.33 earnings per share for the current year.

Horizon Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 19th. Stockholders of record on Friday, July 5th were issued a $0.16 dividend. The ex-dividend date of this dividend was Friday, July 5th. This represents a $0.64 annualized dividend and a dividend yield of 4.01%. Horizon Bancorp’s payout ratio is 118.52%.

Hedge Funds Weigh In On Horizon Bancorp

A number of large investors have recently bought and sold shares of the business. CWM LLC lifted its position in shares of 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 purchasing an additional 3,064 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in Horizon Bancorp by 969.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,048 shares of the financial services provider’s stock worth $72,000 after buying an additional 4,576 shares during the period. Pathway Financial Advisers LLC purchased a new stake in Horizon Bancorp in the 1st quarter valued at about $80,000. EMC Capital Management grew its stake in Horizon Bancorp by 11.0% in the 1st quarter. EMC Capital Management now owns 10,773 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 1,064 shares in the last quarter. Finally, Elser Financial Planning Inc purchased a new position in shares of Horizon Bancorp during the second quarter worth approximately $137,000. Hedge funds and other 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.