Horizon Bancorp (NASDAQ:HBNC) Hits New 1-Year High - Here's What Happened

Horizon Bancorp, Inc. (NASDAQ:HBNC - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $16.69 and last traded at $16.69, with a volume of 13902 shares. The stock had previously closed at $16.19.

Wall Street Analyst Weigh In

HBNC has been the topic of a number of research reports. Piper Sandler boosted their target price on shares of Horizon Bancorp from $13.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, July 29th. Hovde Group started coverage on Horizon Bancorp in a research note on Monday, September 30th. They set an "outperform" rating and a $18.00 price objective on the stock. Keefe, Bruyette & Woods upped their price objective on Horizon Bancorp from $14.00 to $16.00 and gave the company a "market perform" rating in a research report on Monday, July 29th. Finally, StockNews.com cut Horizon Bancorp from a "hold" rating to a "sell" rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $16.00.

Horizon Bancorp Price Performance

The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a fifty day simple moving average of $15.54 and a 200 day simple moving average of $13.86. The company has a market capitalization of $721.74 million, a PE ratio of 30.30 and a beta of 1.04.

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.04. The business had revenue of $102.40 million for the quarter, compared to the consensus estimate of $58.23 million. Horizon Bancorp had a net margin of 5.50% and a return on equity of 8.17%. During the same quarter last year, the firm posted $0.37 EPS. Equities analysts anticipate that Horizon Bancorp, Inc. will post 1.38 EPS for the current year.

Horizon Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Friday, October 4th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.91%. The ex-dividend date was Friday, October 4th. Horizon Bancorp's payout ratio is 118.52%.

Hedge Funds Weigh In On Horizon Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its stake in shares of Horizon Bancorp by 6.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,276,566 shares of the financial services provider's stock worth $28,160,000 after acquiring an additional 135,217 shares during the last quarter. PL Capital Advisors LLC increased its stake in Horizon Bancorp by 6.8% during the 1st quarter. PL Capital Advisors LLC now owns 1,623,174 shares of the financial services provider's stock valued at $20,825,000 after purchasing an additional 103,084 shares in the last quarter. LSV Asset Management raised its holdings 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 worth $7,151,000 after buying an additional 34,958 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Horizon Bancorp by 11.9% during the second quarter. AQR Capital Management LLC now owns 478,205 shares of the financial services provider's stock worth $5,915,000 after buying an additional 50,666 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Horizon Bancorp by 3.8% during the second quarter. Bank of New York Mellon Corp now owns 341,317 shares of the financial services provider's stock valued at $4,222,000 after buying an additional 12,357 shares during the last quarter. 64.51% of the stock is owned by hedge funds and other institutional investors.

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.