Horizon Bancorp (NASDAQ:HBNC) Sets New 52-Week High – Still a Buy?

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Piper Sandler raised their price target on Horizon Bancorp from $13.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods upped their price target 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. Hovde Group began coverage on shares of Horizon Bancorp in a research report on Monday, September 30th. They issued an “outperform” rating and a $18.00 price objective for the company. Finally, StockNews.com cut shares of Horizon Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $16.00.

Horizon Bancorp Stock Up 1.1 %

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 stock’s 50 day moving average price is $15.51 and its 200-day moving average price is $13.84. The company has a market cap of $722.18 million, a PE ratio of 29.98 and a beta of 1.04.

Horizon Bancorp (NASDAQ:HBNC) last released its earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Horizon Bancorp had a return on equity of 8.17% and a net margin of 5.50%. The company had revenue of $102.40 million during the quarter, compared to analyst estimates of $58.23 million. During the same quarter in the previous year, the company posted $0.37 EPS. On average, analysts predict that Horizon Bancorp, Inc. will post 1.38 earnings per share for the current year.

Horizon Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Friday, October 4th were paid 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 of this dividend was Friday, October 4th. Horizon Bancorp’s dividend payout ratio (DPR) is 118.52%.

Hedge Funds Weigh In On Horizon Bancorp

Several hedge funds have recently made changes to their positions in the business. CWM LLC increased 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 valued at $40,000 after buying an additional 3,064 shares during the period. Pathway Financial Advisers LLC bought a new position in shares of Horizon Bancorp in the 1st quarter worth approximately $80,000. EMC Capital Management lifted its stake in shares of 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 during the period. Mackenzie Financial Corp bought a new stake in shares of Horizon Bancorp during the second quarter valued at approximately $133,000. Finally, Elser Financial Planning Inc bought a new stake in shares of Horizon Bancorp during the second quarter valued at approximately $137,000. 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.