Horizon Bancorp (HBNC) Cut to Sell at BidaskClub

BidaskClub lowered shares of Horizon Bancorp (NASDAQ:HBNC) from a hold rating to a sell rating in a report issued on Friday, January 5th.

Other research analysts have also issued reports about the company. Sandler O’Neill restated a hold rating and set a $29.50 price target on shares of Horizon Bancorp in a research report on Wednesday, January 3rd. Zacks Investment Research lowered Horizon Bancorp from a hold rating to a sell rating in a research report on Wednesday, September 27th. Finally, Piper Jaffray Companies set a $32.00 price target on Horizon Bancorp and gave the stock a buy rating in a research report on Friday, October 6th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Horizon Bancorp has a consensus rating of Buy and an average target price of $30.88.

Horizon Bancorp (NASDAQ:HBNC) opened at $30.40 on Friday. The firm has a market capitalization of $771.33, a P/E ratio of 19.23 and a beta of 0.98. Horizon Bancorp has a 52-week low of $24.20 and a 52-week high of $30.45. 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 (NASDAQ:HBNC) last issued its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.06). The business had revenue of $40.80 million during the quarter, compared to analysts’ expectations of $40.73 million. Horizon Bancorp had a return on equity of 9.85% and a net margin of 20.49%. analysts anticipate that Horizon Bancorp will post 2.11 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, January 19th. Investors of record on Friday, January 5th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, January 4th. This represents a $0.52 dividend on an annualized basis and a yield of 1.71%. Horizon Bancorp’s dividend payout ratio (DPR) is presently 36.11%.

In related news, CEO Craig M. Dwight sold 15,365 shares of Horizon Bancorp stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $27.42, for a total value of $421,308.30. Following the completion of the transaction, the chief executive officer now directly owns 150,625 shares in the company, valued at $4,130,137.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michele M. Thompson sold 10,000 shares of Horizon Bancorp stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $27.29, for a total value of $272,900.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,046 shares of company stock valued at $2,072,323. 5.40% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of HBNC. Sei Investments Co. acquired a new stake in Horizon Bancorp in the second quarter valued at $356,000. Schwab Charles Investment Management Inc. raised its stake in Horizon Bancorp by 24.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 37,250 shares of the financial services provider’s stock valued at $982,000 after buying an additional 7,400 shares in the last quarter. First Trust Advisors LP raised its stake in Horizon Bancorp by 49.6% in the second quarter. First Trust Advisors LP now owns 86,122 shares of the financial services provider’s stock valued at $2,269,000 after buying an additional 28,543 shares in the last quarter. Rhumbline Advisers raised its stake in Horizon Bancorp by 6.9% in the second quarter. Rhumbline Advisers now owns 24,527 shares of the financial services provider’s stock valued at $646,000 after buying an additional 1,590 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Horizon Bancorp by 4.1% in the second quarter. Bank of New York Mellon Corp now owns 135,963 shares of the financial services provider’s stock valued at $3,583,000 after buying an additional 5,294 shares in the last quarter. Institutional investors own 44.74% of the company’s stock.

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About Horizon Bancorp

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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