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

Shares of Horizon Bancorp, Inc. (NASDAQ:HBNC - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $17.96 and last traded at $17.87, with a volume of 2020 shares trading hands. The stock had previously closed at $16.42.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on HBNC. Keefe, Bruyette & Woods increased their price target on Horizon Bancorp from $14.00 to $16.00 and gave the stock a "market perform" rating in a report on Monday, July 29th. StockNews.com raised shares of Horizon Bancorp from a "sell" rating to a "hold" rating in a report on Friday, November 1st. 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 target for the company. Finally, Piper Sandler lifted their price objective on Horizon Bancorp from $13.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Horizon Bancorp presently has an average rating of "Hold" and a consensus target price of $16.00.

Horizon Bancorp Stock Performance

The stock's fifty day simple moving average is $15.63 and its 200-day simple moving average is $14.04. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 2.02. The company has a market capitalization of $799.89 million, a PE ratio of 38.94 and a beta of 1.03.

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.04. The firm had revenue of $102.40 million during the quarter, compared to the consensus estimate of $58.23 million. Horizon Bancorp had a return on equity of 8.36% and a net margin of 5.89%. During the same period last year, the business posted $0.37 EPS. On average, research analysts predict that Horizon Bancorp, Inc. will post 1.41 earnings per share for the current fiscal year.

Horizon Bancorp Announces Dividend

The firm also recently disclosed 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 was Friday, October 4th. This represents a $0.64 dividend on an annualized basis and a yield of 3.50%. Horizon Bancorp's payout ratio is 136.17%.

Institutional Trading of Horizon Bancorp

Institutional investors and hedge funds have recently modified their holdings of the business. CWM LLC lifted its stake in Horizon Bancorp by 1,656.2% in the 2nd quarter. CWM LLC now owns 3,249 shares of the financial services provider's stock valued at $40,000 after buying an additional 3,064 shares in the last quarter. Pathway Financial Advisers LLC purchased a new stake in shares of Horizon Bancorp in the first quarter valued at $80,000. Mackenzie Financial Corp purchased a new stake in Horizon Bancorp during the 2nd quarter worth about $133,000. Elser Financial Planning Inc acquired a new position in Horizon Bancorp in the 2nd quarter valued at about $137,000. Finally, EMC Capital Management lifted its holdings 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 valued at $138,000 after purchasing an additional 1,064 shares in the last quarter. 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.