Horizon Bancorp (NASDAQ:HBNC) Upgraded at StockNews.com

StockNews.com upgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a sell rating to a hold rating in a research note published on Monday morning.

Separately, Piper Sandler lowered their price objective on Horizon Bancorp from $14.00 to $13.00 and set a neutral rating for the company in a research note on Monday.

Horizon Bancorp Stock Up 6.0 %

NASDAQ HBNC opened at $12.17 on Monday. The stock has a 50 day moving average price of $12.03 and a 200-day moving average price of $12.13. Horizon Bancorp has a one year low of $7.69 and a one year 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. The company has a market capitalization of $536.83 million, a P/E ratio of 22.54 and a beta of 1.02.

Horizon Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 19th. Shareholders of record on Friday, April 5th were paid a $0.16 dividend. The ex-dividend date was Thursday, April 4th. This represents a $0.64 dividend on an annualized basis and a yield of 5.26%. Horizon Bancorp’s payout ratio is 118.52%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in HBNC. PL Capital Advisors LLC increased its position 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 acquiring an additional 103,084 shares during the period. BNP Paribas Financial Markets raised its position in Horizon Bancorp by 23.4% during the 1st quarter. BNP Paribas Financial Markets now owns 28,977 shares of the financial services provider’s stock valued at $372,000 after purchasing an additional 5,496 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Horizon Bancorp by 88,223.7% in the 1st quarter. Blue Trust Inc. now owns 67,126 shares of the financial services provider’s stock worth $861,000 after buying an additional 67,050 shares during the period. Harbour Trust & Investment Management Co grew its position in shares of Horizon Bancorp by 6.6% during the 1st quarter. Harbour Trust & Investment Management Co now owns 459,590 shares of the financial services provider’s stock worth $5,897,000 after buying an additional 28,610 shares in the last quarter. Finally, Capital Asset Advisory Services LLC increased its stake in shares of Horizon Bancorp by 46.7% during the first quarter. Capital Asset Advisory Services LLC now owns 15,523 shares of the financial services provider’s stock valued at $185,000 after buying an additional 4,943 shares during the period. Hedge funds and other 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.