Horizon Bancorp (NASDAQ:HBNC) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Horizon Bancorp, Inc. (NASDAQ:HBNC) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-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 changing hands.

Analysts Set New Price Targets

A number of equities analysts recently commented on HBNC shares. Keefe, Bruyette & Woods increased their price objective on Horizon Bancorp from $17.00 to $19.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. StockNews.com upgraded shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Finally, Hovde Group assumed coverage on shares of Horizon Bancorp in a research note on Monday, September 30th. They issued an “outperform” rating and a $18.00 price objective for the company.

Horizon Bancorp Stock Down 0.3 %

The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.83. The business has a 50-day simple moving average of $17.31 and a 200-day simple moving average of $15.70. The stock has a market cap of $681.95 million, a P/E ratio of 33.19 and a beta of 1.08.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.04. The business had revenue of $102.40 million during the quarter, compared to the consensus estimate of $58.23 million. Horizon Bancorp had a net margin of 5.89% and a return on equity of 8.27%. During the same period in the prior year, the firm earned $0.37 EPS. Analysts expect that Horizon Bancorp, Inc. will post 1.4 EPS for the current year.

Horizon Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Friday, January 3rd will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $0.64 annualized dividend and a dividend yield of 4.10%. Horizon Bancorp’s dividend payout ratio is presently 136.17%.

Institutional Trading of Horizon Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Meritage Portfolio Management grew its stake in shares of Horizon Bancorp by 9.1% in the third quarter. Meritage Portfolio Management now owns 19,796 shares of the financial services provider’s stock worth $308,000 after acquiring an additional 1,658 shares during the last quarter. Franklin Resources Inc. grew its position in Horizon Bancorp by 7.0% in the 3rd quarter. Franklin Resources Inc. now owns 25,996 shares of the financial services provider’s stock worth $399,000 after purchasing an additional 1,703 shares during the last quarter. Quarry LP increased its holdings in shares of Horizon Bancorp by 508.1% during the 3rd quarter. Quarry LP now owns 2,098 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 1,753 shares during the period. Rhumbline Advisers raised its position in shares of Horizon Bancorp by 3.2% during the second quarter. Rhumbline Advisers now owns 68,944 shares of the financial services provider’s stock valued at $853,000 after buying an additional 2,120 shares during the last quarter. Finally, Pathway Financial Advisers LLC lifted its stake in shares of Horizon Bancorp by 44.1% in the second quarter. Pathway Financial Advisers LLC now owns 8,956 shares of the financial services provider’s stock valued at $111,000 after buying an additional 2,740 shares during the period. Institutional investors and hedge funds 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.