Horizon Bancorp (NASDAQ:HBNC) Hits New 52-Week High Following Dividend Announcement

by · The Markets Daily

Shares of Horizon Bancorp, Inc. (NASDAQ:HBNC – Get Free Report) hit a new 52-week high on Wednesday following a dividend announcement from the company. The company traded as high as $16.64 and last traded at $16.31, with a volume of 93531 shares traded. The stock had previously closed at $16.05.

The newly announced dividend which will be paid on Friday, October 18th. Stockholders of record on Friday, October 4th will be paid a dividend of $0.16 per share. The ex-dividend date is Friday, October 4th. This represents a $0.64 annualized dividend and a dividend yield of 3.88%. Horizon Bancorp’s dividend payout ratio is currently 118.52%.

Analyst Ratings Changes

Several equities analysts recently issued reports on HBNC shares. Keefe, Bruyette & Woods lifted their price objective on shares of Horizon Bancorp from $14.00 to $16.00 and gave the company a “market perform” rating in a report on Monday, July 29th. StockNews.com downgraded shares of Horizon Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, September 7th. Finally, Piper Sandler lifted their price objective on shares of Horizon Bancorp from $13.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th.

View Our Latest Research Report on Horizon Bancorp

Horizon Bancorp Stock Performance

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 $727.91 million, a PE ratio of 30.69 and a beta of 1.04. The business has a 50 day simple moving average of $15.25 and a 200 day simple moving average of $13.21.

Horizon Bancorp (NASDAQ:HBNC – Get Free Report) last released its earnings results on Wednesday, July 24th. The financial services provider reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. The company had revenue of $97.47 million during the quarter, compared to analysts’ expectations of $55.03 million. Horizon Bancorp had a net margin of 5.50% and a return on equity of 8.17%. During the same period last year, the business earned $0.41 EPS. Equities research analysts predict that Horizon Bancorp, Inc. will post 1.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Horizon Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CWM LLC boosted its holdings 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 worth $40,000 after buying an additional 3,064 shares during the last quarter. Pathway Financial Advisers LLC purchased a new position in Horizon Bancorp in the 1st quarter valued at $80,000. Mackenzie Financial Corp acquired a new stake in Horizon Bancorp during the 2nd quarter worth $133,000. Elser Financial Planning Inc purchased a new stake in shares of Horizon Bancorp during the second quarter worth $137,000. Finally, EMC Capital Management lifted its stake in shares of Horizon Bancorp by 11.0% in the first quarter. EMC Capital Management now owns 10,773 shares of the financial services provider’s stock worth $138,000 after buying an additional 1,064 shares in the last quarter. Hedge funds and other institutional investors own 64.51% of the company’s stock.

About Horizon Bancorp

(Get Free Report)

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.

See Also