Zacks Investment Research upgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a sell rating to a hold rating in a research report sent to investors on Friday morning, Zacks.com reports.
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. “
A number of other research analysts have also recently commented on the company. BidaskClub upgraded Horizon Bancorp from a sell rating to a hold rating in a research note on Tuesday, May 7th. ValuEngine cut Horizon Bancorp from a sell rating to a strong sell rating in a research note on Friday, March 15th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. Horizon Bancorp has an average rating of Hold and an average price target of $21.00.
NASDAQ HBNC opened at $15.91 on Friday. The business’s fifty day simple moving average is $16.12. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84. Horizon Bancorp has a fifty-two week low of $14.79 and a fifty-two week high of $21.60. The company has a market capitalization of $714.99 million, a PE ratio of 12.53 and a beta of 0.96.
Horizon Bancorp (NASDAQ:HBNC) last released its earnings results on Wednesday, April 24th. The financial services provider reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.01. Horizon Bancorp had a return on equity of 10.18% and a net margin of 24.71%. The firm had revenue of $42.99 million during the quarter, compared to analysts’ expectations of $41.93 million. On average, equities research analysts expect that Horizon Bancorp will post 1.52 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 19th. Stockholders of record on Friday, July 5th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.02%. This is a boost from Horizon Bancorp’s previous quarterly dividend of $0.10. The ex-dividend date is Wednesday, July 3rd. Horizon Bancorp’s dividend payout ratio is presently 31.50%.
In other news, President James D. Neff purchased 3,500 shares of the company’s stock in a transaction dated Wednesday, May 29th. The stock was bought at an average cost of $15.77 per share, for a total transaction of $55,195.00. Following the purchase, the president now owns 253,154 shares of the company’s stock, valued at $3,992,238.58. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.00% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers raised its position in Horizon Bancorp by 1.3% during the 1st quarter. Rhumbline Advisers now owns 54,380 shares of the financial services provider’s stock worth $875,000 after purchasing an additional 701 shares during the last quarter. Prudential Financial Inc. raised its position in Horizon Bancorp by 3.3% during the 4th quarter. Prudential Financial Inc. now owns 30,226 shares of the financial services provider’s stock worth $477,000 after purchasing an additional 956 shares during the last quarter. Legal & General Group Plc raised its position in Horizon Bancorp by 18.8% during the 4th quarter. Legal & General Group Plc now owns 6,955 shares of the financial services provider’s stock worth $109,000 after purchasing an additional 1,100 shares during the last quarter. Northern Trust Corp raised its position in Horizon Bancorp by 0.3% during the 4th quarter. Northern Trust Corp now owns 452,456 shares of the financial services provider’s stock worth $7,141,000 after purchasing an additional 1,272 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in Horizon Bancorp during the 1st quarter worth $26,000. Institutional investors own 46.10% of the company’s stock.
About Horizon Bancorp
Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that provides commercial and retail banking services. The company offers demand and time deposits. Its loan portfolio comprises commercial, residential real estate, mortgage warehouse, and consumer loans. The company also provides corporate and individual trust and agency, investment management, and real estate investment trust services; and sells various insurance products.
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