Zacks Investment Research upgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a hold rating to a buy rating in a research note published on Wednesday, January 10th. 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. “
Several other analysts have also recently issued reports on the company. BidaskClub cut Horizon Bancorp from a hold rating to a sell rating in a report on Friday, December 15th. Sandler O’Neill reissued a hold rating and set a $29.50 target price on shares of Horizon Bancorp in a research report on Wednesday, January 3rd. Finally, Piper Jaffray Companies set a $32.00 price objective on Horizon Bancorp and gave the company a buy rating in a research report on Friday, October 6th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of Buy and an average price target of $30.88.
Horizon Bancorp (NASDAQ HBNC) traded down $0.25 during trading on Wednesday, hitting $30.39. The company’s stock had a trading volume of 79,057 shares, compared to its average volume of 107,883. Horizon Bancorp has a 1-year low of $24.20 and a 1-year high of $30.89. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.26. The company has a market cap of $776.43, a P/E ratio of 21.10 and a beta of 1.05.
Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.40 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.06). Horizon Bancorp had a net margin of 20.49% and a return on equity of 9.85%. The company had revenue of $40.80 million for the quarter, compared to analysts’ expectations of $40.73 million. equities research analysts forecast that Horizon Bancorp will post 2.16 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, January 19th. Stockholders of record on Friday, January 5th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend was Thursday, January 4th. Horizon Bancorp’s payout ratio is 36.11%.
In related news, CEO Craig M. Dwight sold 19,440 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $27.19, for a total transaction of $528,573.60. Following the sale, the chief executive officer now directly owns 154,223 shares of the company’s stock, valued at $4,193,323.37. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Craig M. Dwight sold 3,200 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $27.06, for a total value of $86,592.00. Following the completion of the sale, 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. Insiders have sold a total of 60,681 shares of company stock valued at $1,651,015 over the last 90 days. 5.40% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN lifted its position in shares of Horizon Bancorp by 0.4% in the second quarter. Wells Fargo & Company MN now owns 49,624 shares of the financial services provider’s stock valued at $1,307,000 after acquiring an additional 189 shares in the last quarter. Nationwide Fund Advisors lifted its position in shares of Horizon Bancorp by 3.3% in the second quarter. Nationwide Fund Advisors now owns 14,031 shares of the financial services provider’s stock valued at $370,000 after acquiring an additional 449 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Horizon Bancorp by 14.2% in the second quarter. Legal & General Group Plc now owns 5,331 shares of the financial services provider’s stock valued at $140,000 after acquiring an additional 662 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Horizon Bancorp by 6.2% in the second quarter. American Century Companies Inc. now owns 11,664 shares of the financial services provider’s stock valued at $307,000 after acquiring an additional 678 shares in the last quarter. Finally, Voya Investment Management LLC lifted its position in shares of Horizon Bancorp by 9.0% in the second quarter. Voya Investment Management LLC now owns 14,419 shares of the financial services provider’s stock valued at $380,000 after acquiring an additional 1,191 shares in the last quarter. Institutional investors and hedge funds own 44.74% of the company’s stock.
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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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