Horizon Bancorp (IN) (NASDAQ:HBNC) Releases Earnings Results, Beats Expectations By $0.03 EPS
by Teresa Graham · The Cerbat GemHorizon Bancorp (IN) (NASDAQ:HBNC – Get Free Report) released its earnings results on Wednesday. The financial services provider reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03, Zacks reports. Horizon Bancorp (IN) had a positive return on equity of 12.35% and a negative net margin of 37.28%.The company had revenue of $73.48 million during the quarter, compared to analyst estimates of $76.11 million.
Horizon Bancorp (IN) Trading Up 0.3%
HBNC traded up $0.05 during midday trading on Friday, reaching $17.85. 48,195 shares of the company’s stock traded hands, compared to its average volume of 363,410. The firm has a fifty day moving average of $16.97 and a two-hundred day moving average of $16.95. The stock has a market capitalization of $914.40 million, a price-to-earnings ratio of -5.61 and a beta of 0.80. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.95 and a quick ratio of 0.94. Horizon Bancorp has a 52 week low of $14.34 and a 52 week high of $19.07.
Horizon Bancorp (IN) Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Friday, April 3rd were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 3.6%. Horizon Bancorp (IN)’s dividend payout ratio is presently -20.32%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of HBNC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Horizon Bancorp (IN) by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock valued at $388,000 after purchasing an additional 1,057 shares during the last quarter. Empowered Funds LLC raised its position in Horizon Bancorp (IN) by 28.5% during the 1st quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider’s stock valued at $2,269,000 after purchasing an additional 33,355 shares during the last quarter. Jane Street Group LLC bought a new position in Horizon Bancorp (IN) during the 1st quarter valued at approximately $1,231,000. Rhumbline Advisers raised its position in Horizon Bancorp (IN) by 3.2% during the 2nd quarter. Rhumbline Advisers now owns 68,401 shares of the financial services provider’s stock valued at $1,052,000 after purchasing an additional 2,093 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in Horizon Bancorp (IN) during the 2nd quarter valued at approximately $816,000. Institutional investors own 64.51% of the company’s stock.
Analysts Set New Price Targets
A number of research firms have recently weighed in on HBNC. Keefe, Bruyette & Woods boosted their target price on Horizon Bancorp (IN) from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. Stephens began coverage on Horizon Bancorp (IN) in a research note on Friday, March 27th. They issued an “overweight” rating and a $20.00 target price for the company. Wall Street Zen raised Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research note on Saturday, March 21st. Weiss Ratings reissued a “sell (d+)” rating on shares of Horizon Bancorp (IN) in a research note on Friday, April 10th. Finally, Zacks Research raised Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Horizon Bancorp (IN) presently has an average rating of “Hold” and an average target price of $19.67.
Get Our Latest Research Report on Horizon Bancorp (IN)
Horizon Bancorp (IN) Company Profile
Horizon Bancorp (NASDAQ: HBNC) is a financial holding company headquartered in Columbus, Indiana, offering community banking and wealth management services through its subsidiary, Horizon Bank. As a locally focused institution, it provides a full range of retail and commercial banking products, including checking and savings accounts, consumer and mortgage lending, commercial real estate financing, and treasury management solutions.
In addition to traditional deposit and loan products, Horizon Bancorp’s services encompass investment advisory and trust administration, retirement planning, and insurance products.