Horizon Bancorp (HBNC) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a buy rating to a hold rating in a research report released on Tuesday.

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 equities analysts have also commented on the stock. BidaskClub lowered shares of Horizon Bancorp from a hold rating to a sell rating in a research report on Friday, December 15th. Piper Jaffray Companies set a $32.00 price objective on shares of Horizon Bancorp and gave the company a buy rating in a research report on Friday, October 6th. Finally, Sandler O’Neill restated a hold rating and issued a $29.50 price objective on shares of Horizon Bancorp in a research report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $30.13.

Horizon Bancorp (NASDAQ:HBNC) opened at $28.32 on Tuesday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.96 and a quick ratio of 0.96. Horizon Bancorp has a 1 year low of $24.20 and a 1 year high of $29.25. The company has a market cap of $721.66, a P/E ratio of 20.37 and a beta of 0.96.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.04). Horizon Bancorp had a net margin of 20.03% and a return on equity of 9.58%. The firm had revenue of $35.90 million during the quarter, compared to the consensus estimate of $37.81 million. analysts predict that Horizon Bancorp will post 1.61 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, January 19th. Shareholders of record on Friday, January 5th will be given a dividend of $0.13 per share. The ex-dividend date is Thursday, January 4th. This represents a $0.52 annualized dividend and a yield of 1.84%. Horizon Bancorp’s payout ratio is presently 37.41%.

In other Horizon Bancorp news, CEO Craig M. Dwight sold 15,365 shares of Horizon Bancorp stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $27.42, for a total transaction of $421,308.30. Following the completion of the sale, the chief executive officer now directly owns 150,625 shares in the company, valued at $4,130,137.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Craig M. Dwight sold 3,200 shares of Horizon Bancorp stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $27.06, for a total transaction of $86,592.00. Following the sale, the chief executive officer now owns 150,625 shares of the company’s stock, valued at $4,075,912.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 76,046 shares of company stock valued at $2,072,323. 5.40% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the business. Wells Fargo & Company MN lifted its position in Horizon Bancorp by 0.4% during the second quarter. Wells Fargo & Company MN now owns 49,624 shares of the financial services provider’s stock valued at $1,307,000 after purchasing an additional 189 shares during the last quarter. Nationwide Fund Advisors lifted its position in Horizon Bancorp by 3.3% during the second quarter. Nationwide Fund Advisors now owns 14,031 shares of the financial services provider’s stock valued at $370,000 after purchasing an additional 449 shares during the last quarter. Legal & General Group Plc lifted its position in Horizon Bancorp by 14.2% during the second quarter. Legal & General Group Plc now owns 5,331 shares of the financial services provider’s stock valued at $140,000 after purchasing an additional 662 shares during the last quarter. American Century Companies Inc. lifted its position in Horizon Bancorp by 6.2% during the second quarter. American Century Companies Inc. now owns 11,664 shares of the financial services provider’s stock valued at $307,000 after purchasing an additional 678 shares during the last quarter. Finally, Voya Investment Management LLC lifted its position in Horizon Bancorp by 9.0% during the second quarter. Voya Investment Management LLC now owns 14,419 shares of the financial services provider’s stock valued at $380,000 after purchasing an additional 1,191 shares during the last quarter. Institutional investors and hedge funds own 44.67% of the company’s stock.

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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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