Horizon Bancorp (NASDAQ:HBNC) Shares Pass Above Two Hundred Day Moving Average - Here's What Happened

Shares of Horizon Bancorp, Inc. (NASDAQ:HBNC - Get Free Report) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $15.70 and traded as high as $15.70. Horizon Bancorp shares last traded at $15.60, with a volume of 100,710 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on HBNC shares. StockNews.com upgraded shares of Horizon Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, November 1st. 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 target price on the stock. Finally, Keefe, Bruyette & Woods lifted their target price on Horizon Bancorp from $17.00 to $19.00 and gave the company a "market perform" rating in a research note on Wednesday, December 4th.

Horizon Bancorp Stock Performance

The firm has a market cap of $681.95 million, a price-to-earnings ratio of 33.19 and a beta of 1.08. The stock's fifty day moving average is $17.30 and its two-hundred day moving average is $15.70. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.88 and a current ratio of 0.88.

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 EPS for the quarter, beating the consensus estimate of $0.37 by $0.04. The company had revenue of $102.40 million for the quarter, compared to analyst estimates of $58.23 million. Horizon Bancorp had a net margin of 5.89% and a return on equity of 8.27%. During the same quarter last year, the business earned $0.37 earnings per share. On average, analysts expect that Horizon Bancorp, Inc. will post 1.4 earnings per share for the current fiscal year.

Horizon Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Friday, January 3rd will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 4.10%. The ex-dividend date is Friday, January 3rd. Horizon Bancorp's payout ratio is currently 136.17%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can acquired a new stake in Horizon Bancorp in the 2nd quarter valued at about $432,000. Geode Capital Management LLC lifted its stake in Horizon Bancorp by 5.2% during the third quarter. Geode Capital Management LLC now owns 1,053,625 shares of the financial services provider's stock valued at $16,387,000 after purchasing an additional 52,423 shares during the last quarter. Barclays PLC boosted its holdings in Horizon Bancorp by 62.7% during the third quarter. Barclays PLC now owns 109,553 shares of the financial services provider's stock worth $1,704,000 after buying an additional 42,218 shares in the last quarter. Franklin Resources Inc. grew its position in Horizon Bancorp by 7.0% in the third quarter. Franklin Resources Inc. now owns 25,996 shares of the financial services provider's stock worth $399,000 after buying an additional 1,703 shares during the last quarter. Finally, Jane Street Group LLC increased its holdings in shares of Horizon Bancorp by 32.0% in the third quarter. Jane Street Group LLC now owns 57,068 shares of the financial services provider's stock valued at $887,000 after buying an additional 13,827 shares in the last quarter. Institutional investors and hedge funds own 64.51% of the company's stock.

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.