Horizon Bancorp (HBNC) Upgraded at BidaskClub

BidaskClub upgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a sell rating to a hold rating in a research report released on Tuesday morning.

Other equities research analysts also recently issued reports about the company. Sandler O’Neill reissued a hold rating and issued a $29.50 price objective on shares of Horizon Bancorp in a research note on Wednesday, January 3rd. Piper Jaffray Companies reissued a buy rating and issued a $35.00 price objective on shares of Horizon Bancorp in a research note on Monday. Finally, Zacks Investment Research raised Horizon Bancorp from a sell rating to a hold rating and set a $31.00 target price on the stock in a research report on Friday, December 29th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has a consensus rating of Buy and an average target price of $30.88.

Shares of Horizon Bancorp (HBNC) traded up $0.15 during trading on Tuesday, reaching $30.79. The company had a trading volume of 8,421 shares, compared to its average volume of 106,252. The stock has a market cap of $777.97 and a P/E ratio of 19.40. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.96 and a current ratio of 0.96. Horizon Bancorp has a 1 year low of $24.20 and a 1 year high of $30.79.

Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.40 earnings per share (EPS) 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%. research analysts forecast that Horizon Bancorp will post 2.16 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, January 19th. Shareholders of record on Friday, January 5th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Thursday, January 4th. Horizon Bancorp’s payout ratio is currently 36.11%.

In other Horizon Bancorp news, CEO Craig M. Dwight sold 19,440 shares of the company’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $27.19, for a total value of $528,573.60. Following the transaction, the chief executive officer now directly owns 154,223 shares of the company’s stock, valued at approximately $4,193,323.37. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Craig M. Dwight sold 3,200 shares of the company’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $27.06, for a total value of $86,592.00. Following the completion of the transaction, the chief executive officer now directly owns 150,625 shares in the company, valued at $4,075,912.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,681 shares of company stock worth $1,651,015. Insiders own 5.40% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its holdings in shares of Horizon Bancorp by 2.8% during 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. increased its holdings in shares of Horizon Bancorp by 7.8% during 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 increased its holdings in shares of Horizon Bancorp by 10.7% during 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 increased its holdings in shares of Horizon Bancorp by 28.1% during 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 increased its holdings in shares of Horizon Bancorp by 20.3% during 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. 44.74% 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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