Horizon Bancorp (NASDAQ:HBNC) Announces Quarterly Earnings Results

Horizon Bancorp (NASDAQ:HBNC) released its earnings results on Wednesday. The financial services provider reported $0.32 EPS for the quarter, beating the consensus estimate of $0.31 by $0.01, Zacks reports. The firm had revenue of $97.47 million for the quarter, compared to analysts’ expectations of $55.03 million. Horizon Bancorp had a net margin of 5.50% and a return on equity of 8.21%. During the same quarter last year, the company earned $0.41 EPS.

Horizon Bancorp Price Performance

Shares of HBNC traded down $0.17 during mid-day trading on Friday, hitting $16.13. The company’s stock had a trading volume of 91,562 shares, compared to its average volume of 163,663. The firm has a 50-day moving average price of $12.65 and a 200 day moving average price of $12.52. The stock has a market capitalization of $711.66 million, a price-to-earnings ratio of 30.19 and a beta of 1.05. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.87 and a quick ratio of 0.87. Horizon Bancorp has a fifty-two week low of $9.22 and a fifty-two week high of $16.53.

Horizon Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Stockholders of record on Friday, July 5th were paid a $0.16 dividend. The ex-dividend date of this dividend was Friday, July 5th. This represents a $0.64 annualized dividend and a dividend yield of 3.97%. Horizon Bancorp’s dividend payout ratio is currently 118.52%.

Wall Street Analysts Forecast Growth

HBNC has been the topic of several research analyst reports. StockNews.com raised shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, May 31st. Piper Sandler lowered their target price on shares of Horizon Bancorp from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Monday, April 29th.

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.