Horizon Bancorp (HBNC) AI Stock Analysis

• Market Cap: $681.30M
• Dividend Yield: 4.1%
• Average Volume (3M): 161.61K
• Price to Earnings (P/E): 13.5
• Beta (1Y): 1.17
• Revenue Growth: 7.82%
• EPS Growth: 170.93%
• Country: US
• Employees: 841
• Sector: Financial
• Sector Strength: 73
• Industry: Banks - Regional
• EPS (TTM): 0.47
• Shares Outstanding: 44,097,290
• 10 Day Avg. Volume: 178,453
• 30 Day Avg. Volume: 161,612
• PEG Ratio: 0.54
• Price to Book (P/B): 0.89
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 69.73
• Enterprise Value/Market Cap: 0.85
• Enterprise Value/Revenue: 1.42
• Enterprise Value/Gross Profit: 6.09
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $18.00
• Price Target Upside: 15.24% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 70 Outperform
• Price Target: $17.00 ▲(8.83%Upside)

Horizon Bancorp exhibits solid financial performance and robust earnings call results, contributing significantly to the overall score. The technical analysis shows neutral momentum, and the fair valuation supports the investment case. Positive corporate events further enhance the company's outlook, despite the need for improved return on equity and profit efficiency.

Horizon Bancorp Business Overview & Revenue Model

Company Description

Horizon Bancorp (HBNC) is a diversified financial services company headquartered in Michigan City, Indiana. It operates as the holding company for Horizon Bank, which provides a broad range of banking services to both individual and business clients. The company is primarily involved in offering commercial and retail banking services, which include various deposit products, loans, and credit services. Additionally, Horizon Bancorp provides wealth management, investment advisory, and insurance services, catering to the financial needs of its diverse customer base across multiple states in the Midwest region.

How the Company Makes Money

Horizon Bancorp generates revenue primarily through the interest income earned from its lending activities, which include commercial loans, residential mortgage loans, and consumer loans. The company also earns money from service charges and fees associated with its deposit accounts and other banking services. Non-interest income, such as income from wealth management and investment advisory services, insurance product commissions, and interchange fees from card services, further contributes to its revenue streams. Horizon Bancorp maintains strategic partnerships with financial institutions and service providers to enhance its product offerings and service delivery, thereby supporting its earnings growth.

Horizon Bancorp Financial Statement Overview

Summary

Horizon Bancorp shows healthy financial performance with consistent revenue growth and effective cost management. Despite strong cash flow generation, the balance sheet reflects a manageable but notable reliance on debt, and the return on equity is relatively low, indicating room for improvement in profit efficiency.

Income Statement

Horizon Bancorp shows healthy financial performance with consistent revenue growth, evidenced by a 3.15% increase in TTM revenue compared to the previous year. The gross profit margin stands at 53.8% while the net profit margin is 12.4%, indicating efficient cost management. Despite a slight decline in EBIT and EBITDA margins from the previous year, the company maintains robust profitability.

Balance Sheet

The balance sheet reflects a stable financial position with a debt-to-equity ratio of 1.31, which is manageable for a regional bank. The equity ratio is 10.2%, illustrating a modest reliance on equity financing. However, the return on equity is relatively low at 5.8%, indicating potential inefficiencies in generating profits from shareholder investments.

Cash Flow

Horizon Bancorp demonstrates strong cash flow management, with a free cash flow growth rate of 681.6% year-over-year. The operating cash flow to net income ratio of 0.33 suggests that the company effectively converts a portion of its net income to cash, although there is room for improvement. The free cash flow to net income ratio of 0.22 highlights consistent cash generation capabilities.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	355.38M	319.32M	278.07M	246.57M	254.37M
Gross Profit	182.11M	180.30M	241.56M	228.26M	199.18M
EBITDA	39.65M	50.97M	118.68M	116.32M	90.70M
Net Income	35.43M	27.98M	93.41M	87.09M	68.50M
Balance Sheet
Total Assets	7.80B	7.94B	7.87B	7.36B	5.89B
Cash, Cash Equivalents and Short-Term Investments	527.84M	1.08B	1.12B	1.76B	1.39B
Total Debt	1.35B	1.04B	1.01B	828.27M	590.15M
Total Liabilities	7.04B	7.22B	7.20B	6.63B	5.19B
Stockholders Equity	763.58M	718.81M	677.38M	723.21M	692.22M
Cash Flow
Free Cash Flow	1.28M	81.16M	87.95M	103.91M	72.90M
Operating Cash Flow	6.37M	88.94M	94.38M	105.35M	78.77M
Investing Cash Flow	-52.78M	329.52M	-1.02B	-344.85M	-478.46M
Financing Cash Flow	-186.68M	-15.44M	455.55M	582.30M	550.48M

Horizon Bancorp Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 15.62
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HBNC, the sentiment is Neutral. The current price of 15.62 is below the 20-day moving average (MA) of 15.80, above the 50-day MA of 15.25, and above the 200-day MA of 15.61, indicating a neutral trend. The MACD of 0.15 indicates Positive momentum. The RSI at 51.13 is Neutral, neither overbought nor oversold. The STOCH value of 46.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HBNC.

Horizon Bancorp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GSBC	78 Outperform	$682.57M	10.34	11.48%	2.69%	4.50%	16.92%
HTB	76 Outperform	$723.70M	11.94	10.63%	0.59%	2.03%	5.15%
CCBG	71 Outperform	$698.23M	12.21	11.69%	2.33%	9.58%	13.46%
IBCP	71 Outperform	$680.48M	11.12	14.39%	3.05%	3.13%	-1.53%
HBNC	70 Outperform	$681.30M	13.52	6.84%	4.10%	7.82%	170.93%
Sector *	68 Neutral	¥760.77B	11.01	7.55%	3.20%	7.82%	14.69%
EGBN	51 Neutral	$514.29M	―	-2.63%	5.82%	-2.37%	15.33%

Horizon Bancorp Corporate Events

Horizon Bancorp Reports Strong Q2 2025 Financial Results

Horizon Bancorp, Inc. reported strong financial results for the second quarter of 2025, driven by continued net interest margin expansion and robust loan growth. The company achieved a 58% increase in earnings per share compared to the same period last year, reflecting effective capital deployment and expense management. Key performance metrics such as ROAA and ROATCE showed enhanced momentum, while credit quality remained strong with low net charge-offs. The strategic runoff of lower-yielding loans and disciplined balance sheet management contributed to the positive outcomes, positioning the company for continued shareholder value creation.

The most recent analyst rating on (HBNC) stock is a Hold with a $16.00 price target. To see the full list of analyst forecasts on Horizon Bancorp stock, see the HBNC Stock Forecast page.

Horizon Bancorp Declares Dividend of $0.16 Per Share

On June 17, 2025, Horizon Bancorp, Inc.’s Board of Directors declared a dividend of $0.16 per share, which will be distributed to shareholders on July 18, 2025, with a record date of July 3, 2025. This decision reflects the company’s ongoing commitment to returning value to its shareholders and may influence investor sentiment positively.

The most recent analyst rating on (HBNC) stock is a Hold with a $16.00 price target. To see the full list of analyst forecasts on Horizon Bancorp stock, see the HBNC Stock Forecast page.