StockNews.com upgraded shares of Horizon Bancorp (NASDAQ:HBNC – Free Report) from a sell rating to a hold rating in a research report sent to investors on Friday morning.
HBNC has been the subject of a number of other research reports. Keefe, Bruyette & Woods increased their target price on shares of Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. Piper Sandler increased their price target on shares of Horizon Bancorp from $13.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Finally, Hovde Group assumed coverage on shares of Horizon Bancorp in a research note on Monday, September 30th. They set an “outperform” rating and a $18.00 price target on the stock. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $16.00.
Get Our Latest Stock Analysis on HBNC
Horizon Bancorp Stock Performance
Horizon Bancorp (NASDAQ:HBNC – Get Free Report) last released its earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. Horizon Bancorp had a net margin of 5.89% and a return on equity of 8.36%. The company had revenue of $102.40 million during the quarter, compared to the consensus estimate of $58.23 million. During the same quarter in the prior year, the firm earned $0.37 EPS. Sell-side analysts predict that Horizon Bancorp will post 1.41 EPS for the current fiscal year.
Horizon Bancorp Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Friday, October 4th were paid a $0.16 dividend. The ex-dividend date of this dividend was Friday, October 4th. This represents a $0.64 dividend on an annualized basis and a yield of 3.97%. Horizon Bancorp’s payout ratio is presently 136.17%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of HBNC. Dimensional Fund Advisors LP grew its stake in Horizon Bancorp by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,276,566 shares of the financial services provider’s stock valued at $28,160,000 after buying an additional 135,217 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Horizon Bancorp by 11.9% in the 2nd quarter. AQR Capital Management LLC now owns 478,205 shares of the financial services provider’s stock worth $5,915,000 after acquiring an additional 50,666 shares during the period. Foundry Partners LLC grew its holdings in shares of Horizon Bancorp by 67.6% during the 2nd quarter. Foundry Partners LLC now owns 124,360 shares of the financial services provider’s stock worth $1,538,000 after purchasing an additional 50,143 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Horizon Bancorp during the second quarter valued at approximately $446,000. Finally, LSV Asset Management raised its stake in shares of Horizon Bancorp by 6.7% in the first quarter. LSV Asset Management now owns 557,373 shares of the financial services provider’s stock valued at $7,151,000 after purchasing an additional 34,958 shares in the last quarter. 64.51% of the stock is currently owned by institutional investors and hedge funds.
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.
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