Horizon Bancorp (NASDAQ:HBNC) Shares Gap Down – Here’s Why

Horizon Bancorp, Inc. (NASDAQ:HBNC) shares gapped down prior to trading on Friday . The stock had previously closed at $17.33, but opened at $16.90. Horizon Bancorp shares last traded at $17.36, with a volume of 15,413 shares traded.

Analysts Set New Price Targets

HBNC has been the topic of several research reports. Piper Sandler reduced their price target on shares of Horizon Bancorp from $20.00 to $19.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. StockNews.com upgraded shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Finally, Keefe, Bruyette & Woods increased their price target on shares of Horizon Bancorp from $17.00 to $19.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th.

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 1.83. The stock has a market cap of $753.60 million, a price-to-earnings ratio of 21.58 and a beta of 1.07. The company has a 50 day simple moving average of $16.55 and a 200 day simple moving average of $16.23.

Horizon Bancorp (NASDAQ:HBNC) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). Horizon Bancorp had a net margin of 9.86% and a return on equity of 8.48%. As a group, equities research analysts forecast that Horizon Bancorp, Inc. will post 1.78 EPS for the current year.

Horizon Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Friday, January 3rd were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date of this dividend was Friday, January 3rd. Horizon Bancorp’s payout ratio is 80.00%.

Hedge Funds Weigh In On Horizon Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new position in shares of Horizon Bancorp in the 2nd quarter worth $150,000. SG Americas Securities LLC lifted its holdings in shares of Horizon Bancorp by 34.6% in the 3rd quarter. SG Americas Securities LLC now owns 21,556 shares of the financial services provider’s stock worth $335,000 after purchasing an additional 5,544 shares in the last quarter. CWM LLC lifted its holdings in shares of Horizon Bancorp by 114.2% in the 3rd quarter. CWM LLC now owns 6,958 shares of the financial services provider’s stock worth $108,000 after purchasing an additional 3,709 shares in the last quarter. Inspire Investing LLC purchased a new stake in Horizon Bancorp in the 3rd quarter valued at $414,000. Finally, Creative Planning raised its position in Horizon Bancorp by 8.1% in the 3rd quarter. Creative Planning now owns 55,679 shares of the financial services provider’s stock valued at $866,000 after buying an additional 4,155 shares during the last quarter. 64.51% of the stock is currently owned by 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.