Horizon Bancorp (NASDAQ:HBNC) Issues Earnings Results, Beats Estimates By $0.04 EPS

Horizon Bancorp (NASDAQ:HBNC) posted its quarterly earnings results on Wednesday. The financial services provider reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.04, Yahoo Finance reports. The business had revenue of $102.40 million for the quarter, compared to the consensus estimate of $58.23 million. Horizon Bancorp had a return on equity of 8.17% and a net margin of 5.50%. During the same quarter in the previous year, the business earned $0.37 EPS.

Horizon Bancorp Stock Performance

Horizon Bancorp stock traded down $0.11 during mid-day trading on Friday, hitting $15.91. The company had a trading volume of 144,678 shares, compared to its average volume of 160,381. The company has a market capitalization of $701.89 million, a price-to-earnings ratio of 29.46 and a beta of 1.04. Horizon Bancorp has a 12-month low of $9.22 and a 12-month high of $16.64. The company’s fifty day moving average is $15.46 and its 200-day moving average is $13.75. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 2.02.

Horizon Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Friday, October 4th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date was Friday, October 4th. Horizon Bancorp’s payout ratio is presently 118.52%.

Analyst Upgrades and Downgrades

HBNC has been the subject of a number of research reports. Hovde Group assumed coverage on Horizon Bancorp in a report on Monday, September 30th. They set an “outperform” rating and a $18.00 target price for the company. StockNews.com cut shares of Horizon Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday. Piper Sandler upped their price objective on shares of Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $16.00.

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.