Zacks Investment Research Lowers Horizon Bancorp (NASDAQ:HBNC) to Sell

Zacks Investment Research lowered shares of Horizon Bancorp (NASDAQ:HBNC) from a hold rating to a sell rating in a report published on Monday 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 firms have also recently issued reports on HBNC. ValuEngine cut Horizon Bancorp from a sell rating to a strong sell rating in a research note on Friday, October 25th. BidaskClub downgraded shares of Horizon Bancorp from a hold rating to a sell rating in a report on Tuesday, December 31st.

Shares of NASDAQ:HBNC traded up $0.19 during midday trading on Monday, reaching $18.55. 106 shares of the company’s stock were exchanged, compared to its average volume of 66,200. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.96 and a current ratio of 0.96. The company’s 50 day simple moving average is $18.87 and its two-hundred day simple moving average is $17.56. Horizon Bancorp has a 12 month low of $15.21 and a 12 month high of $19.48. The firm has a market capitalization of $830.59 million, a PE ratio of 14.48 and a beta of 1.00.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.04. Horizon Bancorp had a net margin of 25.66% and a return on equity of 10.74%. The firm had revenue of $54.98 million during the quarter, compared to analyst estimates of $53.55 million. On average, research analysts anticipate that Horizon Bancorp will post 1.64 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Friday, January 3rd will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $0.48 annualized dividend and a dividend yield of 2.59%. Horizon Bancorp’s payout ratio is currently 37.80%.

In related news, Director Michele M. Magnuson sold 18,138 shares of Horizon Bancorp stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $18.50, for a total value of $335,553.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark E. Secor sold 10,000 shares of Horizon Bancorp stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $18.77, for a total value of $187,700.00. Following the completion of the sale, the executive vice president now directly owns 2,464 shares of the company’s stock, valued at approximately $46,249.28. The disclosure for this sale can be found here. Insiders own 4.00% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of HBNC. Marshall Wace LLP bought a new stake in Horizon Bancorp in the 1st quarter worth approximately $26,000. Meeder Asset Management Inc. increased its stake in Horizon Bancorp by 127.8% during the third quarter. Meeder Asset Management Inc. now owns 4,339 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 2,434 shares during the last quarter. Bank of Montreal Can raised its holdings in shares of Horizon Bancorp by 76.1% in the 2nd quarter. Bank of Montreal Can now owns 7,319 shares of the financial services provider’s stock worth $120,000 after purchasing an additional 3,162 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Horizon Bancorp by 13.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 10,252 shares of the financial services provider’s stock valued at $166,000 after purchasing an additional 1,218 shares in the last quarter. Finally, UBS Asset Management Americas Inc. purchased a new stake in shares of Horizon Bancorp during the 2nd quarter worth about $175,000. Hedge funds and other institutional investors own 47.46% 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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