BidaskClub upgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a buy rating to a strong-buy rating in a report published on Wednesday morning.
A number of other equities research analysts have also recently commented on the stock. ValuEngine raised shares of Horizon Bancorp from a hold rating to a buy rating in a research note on Saturday, May 26th. Zacks Investment Research cut shares of Horizon Bancorp from a hold rating to a sell rating in a research note on Wednesday, May 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $32.83.
Shares of Horizon Bancorp opened at $32.54 on Wednesday, according to Marketbeat Ratings. The stock has a market capitalization of $828.76 million, a P/E ratio of 19.42 and a beta of 1.09. Horizon Bancorp has a 52 week low of $25.00 and a 52 week high of $32.85. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.99 and a current ratio of 0.99.
Horizon Bancorp’s stock is scheduled to split on the morning of Monday, June 18th. The 3-2 split was announced on Wednesday, May 16th. The newly issued shares will be distributed to shareholders after the market closes on Friday, June 15th.
Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly earnings data on Wednesday, April 25th. The financial services provider reported $0.44 EPS for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.05). The business had revenue of $41.73 million during the quarter, compared to analyst estimates of $40.63 million. Horizon Bancorp had a net margin of 21.79% and a return on equity of 9.53%. equities research analysts expect that Horizon Bancorp will post 2.15 earnings per share for the current year.
In other Horizon Bancorp news, Director Eric P. Blackhurst acquired 1,630 shares of the stock in a transaction that occurred on Friday, May 18th. The shares were purchased at an average cost of $30.70 per share, with a total value of $50,041.00. Following the purchase, the director now owns 6,133 shares in the company, valued at $188,283.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Craig M. Dwight sold 2,250 shares of the firm’s stock in a transaction dated Wednesday, May 30th. The stock was sold at an average price of $31.35, for a total transaction of $70,537.50. Following the sale, the chief executive officer now directly owns 148,996 shares in the company, valued at $4,671,024.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,289 shares of company stock worth $430,026. 4.60% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Swiss National Bank boosted its stake in shares of Horizon Bancorp by 6.9% during the 4th quarter. Swiss National Bank now owns 40,400 shares of the financial services provider’s stock worth $1,123,000 after purchasing an additional 2,600 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Horizon Bancorp by 16.2% during the 4th quarter. Wells Fargo & Company MN now owns 67,756 shares of the financial services provider’s stock worth $1,883,000 after purchasing an additional 9,442 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Horizon Bancorp by 19.7% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 104,871 shares of the financial services provider’s stock worth $2,916,000 after purchasing an additional 17,289 shares during the last quarter. SWS Partners acquired a new stake in shares of Horizon Bancorp during the 4th quarter worth about $1,895,000. Finally, Comerica Bank boosted its stake in shares of Horizon Bancorp by 25.4% during the 4th quarter. Comerica Bank now owns 196,291 shares of the financial services provider’s stock worth $5,612,000 after purchasing an additional 39,760 shares during the last quarter. 51.56% of the stock is currently owned by institutional investors.
About Horizon Bancorp
Horizon Bancorp operates as the bank holding company for Horizon Bank that provides commercial and retail banking services. The company offers non-interest bearing and interest-bearing demand deposits, savings accounts, money market deposits, and time deposits. Its loan portfolio comprises commercial, financial, agricultural, and commercial tax-exempt loans; and real estate, mortgage warehouse, and consumer loans.
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