Piper Sandler Maintains Horizon Bancorp Inc (HBNC) Neutral Recommendation

Fintel reports that on October 30, 2023, Piper Sandler maintained coverage of Horizon Bancorp Inc (NASDAQ:HBNC) with a Neutral recommendation.

Analyst Price Forecast Suggests 45.40% Upside

As of October 5, 2023, the average one-year price target for Horizon Bancorp Inc is 13.57. The forecasts range from a low of 12.12 to a high of $14.70. The average price target represents an increase of 45.40% from its latest reported closing price of 9.33.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Horizon Bancorp Inc is 268MM, an increase of 20.89%. The projected annual non-GAAP EPS is 2.03.

Horizon Bancorp Inc Declares $0.16 Dividend

On September 19, 2023 the company declared a regular quarterly dividend of $0.16 per share ($0.64 annualized). Shareholders of record as of October 6, 2023 received the payment on October 20, 2023. Previously, the company paid $0.16 per share.

At the current share price of $9.33 / share, the stock's dividend yield is 6.86%.

Looking back five years and taking a sample every week, the average dividend yield has been 3.60%, the lowest has been 2.26%, and the highest has been 7.85%. The standard deviation of yields is 1.21 (n=236).

The current dividend yield is 2.70 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.38. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.33%, demonstrating that it has increased its dividend over time.

What is the Fund Sentiment?

There are 331 funds or institutions reporting positions in Horizon Bancorp Inc. This is a decrease of 17 owner(s) or 4.89% in the last quarter. Average portfolio weight of all funds dedicated to HBNC is 0.07%, an increase of 1.24%. Total shares owned by institutions decreased in the last three months by 0.66% to 30,153K shares. The put/call ratio of HBNC is 25.61, indicating a bearish outlook.

What are Other Shareholders Doing?

PL Capital Advisors holds 1,553K shares representing 3.52% ownership of the company. In it's prior filing, the firm reported owning 1,604K shares, representing a decrease of 3.27%. The firm increased its portfolio allocation in HBNC by 3.40% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,130K shares representing 2.56% ownership of the company. No change in the last quarter.

Manufacturers Life Insurance Company, The holds 1,127K shares representing 2.56% ownership of the company. In it's prior filing, the firm reported owning 1,123K shares, representing an increase of 0.38%. The firm decreased its portfolio allocation in HBNC by 6.68% over the last quarter.

IWM - iShares Russell 2000 ETF holds 976K shares representing 2.21% ownership of the company. In it's prior filing, the firm reported owning 909K shares, representing an increase of 6.84%. The firm decreased its portfolio allocation in HBNC by 6.86% over the last quarter.

Geode Capital Management holds 844K shares representing 1.91% ownership of the company. In it's prior filing, the firm reported owning 788K shares, representing an increase of 6.60%. The firm decreased its portfolio allocation in HBNC by 8.81% over the last quarter.

Horizon Bancorp Inc Background Information
(This description is provided by the company.)

Horizon Bancorp, Inc. is an independent, commercial bank holding company serving northern and central Indiana, and southern and central Michigan through its commercial banking subsidiary, Horizon Bank.

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