Horizon Bancorp (HBNC) Receives Consensus Rating of “Buy” from Analysts

Horizon Bancorp (NASDAQ:HBNC) has been given an average rating of “Buy” by the six ratings firms that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $30.88.

Several analysts have recently issued reports on the company. BidaskClub raised Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, December 7th. 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. Piper Jaffray Companies reissued a “buy” rating and set a $35.00 target price on shares of Horizon Bancorp in a research report on Monday, January 29th. 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. Finally, ValuEngine raised Horizon Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, February 3rd.

Shares of Horizon Bancorp (HBNC) opened at $29.76 on Thursday. The stock has a market capitalization of $759.77, a P/E ratio of 19.45 and a beta of 1.04. Horizon Bancorp has a twelve month low of $24.41 and a twelve month 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.

Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.06). The firm had revenue of $40.80 million for 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%. equities research analysts predict that Horizon Bancorp will post 2.14 earnings per share for the current fiscal year.

In other Horizon Bancorp news, Director Michele M. Thompson sold 10,000 shares of the company’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $27.29, for a total value of $272,900.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Mark E. Secor sold 8,803 shares of the company’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $27.27, for a total value of $240,057.81. Following the completion of the transaction, the chief financial officer now directly owns 10,183 shares in the company, valued at approximately $277,690.41. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,938 shares of company stock worth $841,938. Corporate insiders own 5.40% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Wells Fargo & Company MN grew its position in Horizon Bancorp by 0.4% in the 2nd 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 during the last quarter. Nationwide Fund Advisors grew its position in Horizon Bancorp by 3.3% in the 2nd 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 during the last quarter. Voya Investment Management LLC grew its position in Horizon Bancorp by 9.0% in the 2nd 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 during the last quarter. Goldman Sachs Group Inc. grew its position in Horizon Bancorp by 20.7% in the 2nd quarter. Goldman Sachs Group Inc. now owns 9,914 shares of the financial services provider’s stock valued at $261,000 after acquiring an additional 1,700 shares during the last quarter. Finally, California State Teachers Retirement System grew its position in Horizon Bancorp by 7.0% in the 4th quarter. California State Teachers Retirement System now owns 36,464 shares of the financial services provider’s stock valued at $1,014,000 after acquiring an additional 2,400 shares during the last quarter. 46.83% of the stock is currently owned by institutional investors.

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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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