Horizon Bancorp (NASDAQ:HBNC) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a sell rating to a hold rating in a report published on Friday, December 29th. They currently have $31.00 price objective 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. “

A number of other research analysts also recently issued reports on the stock. BidaskClub downgraded shares of Horizon Bancorp from a hold rating to a sell rating in a research report on Friday, December 15th. Piper Jaffray Companies set a $32.00 price objective on shares of Horizon Bancorp and gave the stock a buy rating in a research report on Friday, October 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $30.13.

Horizon Bancorp (NASDAQ:HBNC) traded up $0.04 during trading hours on Friday, hitting $28.32. 71,100 shares of the stock traded hands, compared to its average volume of 95,648. Horizon Bancorp has a twelve month low of $24.20 and a twelve month high of $29.25. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $721.66, a price-to-earnings ratio of 20.37 and a beta of 0.96.

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

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

In other Horizon Bancorp news, Director Michele M. Thompson sold 10,000 shares of the business’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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Craig M. Dwight sold 3,200 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $27.06, for a total transaction of $86,592.00. Following the sale, the chief executive officer now directly owns 150,625 shares in the company, valued at approximately $4,075,912.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,046 shares of company stock worth $2,072,323. Insiders own 5.40% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company boosted its holdings in shares of Horizon Bancorp by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,101,483 shares of the financial services provider’s stock valued at $29,024,000 after acquiring an additional 29,557 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Horizon Bancorp by 7.8% in the 2nd quarter. Vanguard Group Inc. now owns 923,226 shares of the financial services provider’s stock valued at $24,326,000 after acquiring an additional 66,713 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Horizon Bancorp by 10.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 678,718 shares of the financial services provider’s stock valued at $19,798,000 after acquiring an additional 65,429 shares during the last quarter. State Street Corp boosted its holdings in shares of Horizon Bancorp by 28.1% in the 2nd quarter. State Street Corp now owns 419,067 shares of the financial services provider’s stock valued at $11,043,000 after acquiring an additional 91,901 shares during the last quarter. Finally, Jacobs Asset Management LLC boosted its holdings in shares of Horizon Bancorp by 20.3% in the 3rd quarter. Jacobs Asset Management LLC now owns 327,846 shares of the financial services provider’s stock valued at $9,563,000 after acquiring an additional 55,429 shares during the last quarter. 44.67% of the stock is currently owned by institutional investors and hedge funds.

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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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