Horizon Bancorp (HBNC) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a hold rating to a buy rating in a research report released on Wednesday. Zacks Investment Research currently has $30.00 price target on the financial services provider’s stock.

According to Zacks, “HORIZON BNCP-IN is a bank holding company. Through subsidiaries, they are engaged as a full-service commercial bank offering a broad range of commercial and retail banking services, corporate and individual trust and agency services, commercial and personal property and casualty insurance services and other services incident to banking. “

HBNC has been the subject of a number of other reports. Sandler O’Neill restated a hold rating and issued a $29.50 price objective on shares of Horizon Bancorp in a research report on Wednesday, January 3rd. BidaskClub downgraded shares of Horizon Bancorp from a hold rating to a sell rating in a research note on Friday, December 15th. Finally, Piper Jaffray Companies set a $32.00 target price on shares of Horizon Bancorp and gave the company a buy rating in a research note on Friday, October 6th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $30.13.

Horizon Bancorp (NASDAQ HBNC) opened at $28.32 on Wednesday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.96 and a quick ratio of 0.96. Horizon Bancorp has a 1 year low of $24.20 and a 1 year high of $29.25. The company has a market cap of $721.66, a P/E ratio of 20.37 and a beta of 0.96.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.04). Horizon Bancorp had a net margin of 20.03% and a return on equity of 9.58%. The firm had revenue of $35.90 million during the quarter, compared to the consensus estimate of $37.81 million. analysts predict that Horizon Bancorp will post 1.61 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, January 19th. Investors of record on Friday, January 5th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date is Thursday, January 4th. Horizon Bancorp’s dividend payout ratio is currently 37.41%.

In related news, CEO Craig M. Dwight sold 15,365 shares of the firm’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $27.42, for a total value of $421,308.30. Following the sale, the chief executive officer now directly owns 150,625 shares of the company’s stock, valued at $4,130,137.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michele M. Thompson sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $27.29, for a total transaction of $272,900.00. The disclosure for this sale can be found here. Insiders sold 76,046 shares of company stock worth $2,072,323 over the last ninety days. 5.40% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of HBNC. Thrivent Financial For Lutherans purchased a new position in shares of Horizon Bancorp during the second quarter worth approximately $3,951,000. Comerica Bank raised its stake in shares of Horizon Bancorp by 576.9% during the third quarter. Comerica Bank now owns 156,531 shares of the financial services provider’s stock worth $4,267,000 after acquiring an additional 133,406 shares in the last quarter. Rothschild Asset Management Inc. purchased a new position in shares of Horizon Bancorp during the third quarter worth approximately $2,921,000. State Street Corp raised its stake in shares of Horizon Bancorp by 28.1% during the second quarter. State Street Corp now owns 419,067 shares of the financial services provider’s stock worth $11,043,000 after acquiring an additional 91,901 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Horizon Bancorp by 7.8% during the second quarter. Vanguard Group Inc. now owns 923,226 shares of the financial services provider’s stock worth $24,326,000 after acquiring an additional 66,713 shares in the last quarter. 44.67% of the stock is currently owned by hedge funds and other institutional investors.

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Horizon Bancorp Company Profile

Horizon Bancorp is a bank holding company. The Company provides a range of banking services in Northern and Central Indiana and Southwestern and Central Michigan through its bank subsidiary, Horizon Bank, N.A. (the Bank) and other affiliated entities and Horizon Risk Management, Inc The Company operates through commercial banking segment.

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