Zacks Investment Research lowered shares of Horizon Bancorp (NASDAQ:HBNC) from a buy rating to a hold rating in a research report report published on Saturday morning.
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. “
HBNC has been the subject of several other reports. BidaskClub downgraded Horizon Bancorp from a hold rating to a sell rating in a research report on Friday, July 27th. Stephens reiterated a buy rating and set a $24.00 target price on shares of Horizon Bancorp in a research report on Friday, July 27th. ValuEngine downgraded Horizon Bancorp from a hold rating to a sell rating in a research report on Wednesday, September 12th. Finally, Raymond James decreased their target price on Horizon Bancorp from $23.00 to $20.00 and set an outperform rating for the company in a research report on Thursday, November 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $22.00.
NASDAQ:HBNC opened at $17.18 on Friday. Horizon Bancorp has a twelve month low of $16.36 and a twelve month high of $22.13. The firm has a market cap of $660.60 million, a PE ratio of 16.84 and a beta of 1.13. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.20.
Horizon Bancorp (NASDAQ:HBNC) last released its earnings results on Monday, October 29th. The financial services provider reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.06). Horizon Bancorp had a return on equity of 10.36% and a net margin of 24.49%. The business had revenue of $42.46 million for the quarter, compared to the consensus estimate of $43.43 million. On average, sell-side analysts anticipate that Horizon Bancorp will post 1.44 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Investors of record on Friday, October 5th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 4th. This represents a $0.40 annualized dividend and a dividend yield of 2.33%. Horizon Bancorp’s payout ratio is currently 39.22%.
In related news, Director Larry N. Middleton sold 2,500 shares of Horizon Bancorp stock in a transaction dated Tuesday, August 28th. The stock was sold at an average price of $20.69, for a total value of $51,725.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Dennis Kuhn sold 5,841 shares of Horizon Bancorp stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $20.72, for a total value of $121,025.52. The disclosure for this sale can be found here. Insiders own 4.60% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC raised its holdings in shares of Horizon Bancorp by 115.6% in the first quarter. Barclays PLC now owns 7,859 shares of the financial services provider’s stock valued at $236,000 after acquiring an additional 4,214 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Horizon Bancorp in the second quarter valued at about $187,000. Russell Investments Group Ltd. raised its holdings in shares of Horizon Bancorp by 50.0% in the second quarter. Russell Investments Group Ltd. now owns 9,833 shares of the financial services provider’s stock valued at $203,000 after acquiring an additional 3,278 shares in the last quarter. AMI Investment Management Inc. bought a new position in Horizon Bancorp in the second quarter worth about $223,000. Finally, Metropolitan Life Insurance Co. NY raised its holdings in Horizon Bancorp by 50.0% in the second quarter. Metropolitan Life Insurance Co. NY now owns 11,660 shares of the financial services provider’s stock worth $241,000 after purchasing an additional 3,887 shares in the last quarter. Hedge funds and other institutional investors own 52.70% of the company’s stock.
Horizon Bancorp Company Profile
Horizon Bancorp, Inc 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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