Horizon Bancorp (NASDAQ:HBNC) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

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

Horizon Bancorp Stock Down 0.7 %

Shares of NASDAQ:HBNC traded down $0.11 on Friday, reaching $15.91. The company had a trading volume of 144,678 shares, compared to its average volume of 160,381. The stock has a market capitalization of $701.89 million, a P/E ratio of 29.67 and a beta of 1.04. The stock has a 50-day moving average price of $15.41 and a 200 day moving average price of $13.70. Horizon Bancorp has a twelve month low of $9.22 and a twelve month high of $16.64. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 2.02.

Horizon Bancorp Announces Dividend

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

Analyst Ratings Changes

HBNC has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their price target 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. Hovde Group started coverage on Horizon Bancorp in a research note on Monday, September 30th. They issued an “outperform” rating and a $18.00 target price on the stock. StockNews.com lowered Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday. Finally, Piper Sandler lifted their price target on Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” 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 company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $16.00.

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.