Horizon Bancorp (NASDAQ:HBNC) Price Target Cut to $13.00

Horizon Bancorp (NASDAQ:HBNC) had its price objective cut by Piper Sandler from $14.00 to $13.00 in a report issued on Monday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Separately, StockNews.com cut Horizon Bancorp from a hold rating to a sell rating in a research report on Wednesday, April 10th.

Horizon Bancorp Trading Up 2.0 %

Shares of NASDAQ HBNC opened at $12.41 on Monday. The stock has a market cap of $547.41 million, a price-to-earnings ratio of 22.98 and a beta of 1.03. The business has a 50 day simple moving average of $12.04 and a 200 day simple moving average of $12.14. Horizon Bancorp has a 52 week low of $7.69 and a 52 week high of $14.71. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.70 and a current ratio of 0.70.

Horizon Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 19th. Shareholders of record on Friday, April 5th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, April 4th. This represents a $0.64 dividend on an annualized basis and a yield of 5.16%. Horizon Bancorp’s payout ratio is currently 118.52%.

Institutional Investors Weigh In On Horizon Bancorp

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Horizon Bancorp by 1.6% during the third quarter. Vanguard Group Inc. now owns 2,183,993 shares of the financial services provider’s stock worth $23,325,000 after purchasing an additional 34,861 shares during the period. Sapient Capital LLC bought a new stake in Horizon Bancorp during the fourth quarter worth approximately $29,765,000. Dimensional Fund Advisors LP boosted its position in Horizon Bancorp by 5.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,955,694 shares of the financial services provider’s stock worth $27,987,000 after purchasing an additional 94,332 shares during the period. PL Capital Advisors LLC lifted its holdings in shares of Horizon Bancorp by 6.8% during the first quarter. PL Capital Advisors LLC now owns 1,623,174 shares of the financial services provider’s stock worth $20,825,000 after buying an additional 103,084 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Horizon Bancorp by 7.6% during the third quarter. AQR Capital Management LLC now owns 634,821 shares of the financial services provider’s stock worth $6,780,000 after buying an additional 44,810 shares during the last quarter. Institutional investors 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.