Horizon Bancorp (HBNC) Earns “Hold” Rating from Sandler O’Neill

Sandler O’Neill reaffirmed their hold rating on shares of Horizon Bancorp (NASDAQ:HBNC) in a research report sent to investors on Wednesday morning. The firm currently has a $29.50 target price on the financial services provider’s stock.

Several other brokerages also recently commented on HBNC. Piper Jaffray Companies set a $32.00 target price on Horizon Bancorp and gave the company a buy rating in a research note on Friday, October 6th. BidaskClub upgraded Horizon Bancorp from a sell rating to a hold rating in a research note on Thursday, December 7th. Finally, Zacks Investment Research cut Horizon Bancorp from a buy rating to a hold rating in a report on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $30.38.

Shares of Horizon Bancorp (HBNC) opened at $27.04 on Wednesday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $693.40, a P/E ratio of 19.45 and a beta of 0.96. Horizon Bancorp has a 52 week low of $24.20 and a 52 week high of $29.25.

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

The company also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, January 5th will be issued a dividend of $0.13 per share. The ex-dividend date is Thursday, January 4th. This represents a $0.52 annualized dividend and a dividend yield of 1.92%. Horizon Bancorp’s payout ratio is 37.41%.

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

A number of large investors have recently bought and sold shares of HBNC. Legal & General Group Plc raised its holdings 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 acquiring an additional 662 shares during the period. Principal Financial Group Inc. bought a new stake in Horizon Bancorp during the second quarter valued at about $205,000. Goldman Sachs Group Inc. raised its holdings in Horizon Bancorp by 20.7% during the second quarter. Goldman Sachs Group Inc. now owns 9,914 shares of the financial services provider’s stock valued at $261,000 after acquiring an additional 1,700 shares during the period. Virginia Retirement Systems ET AL raised its holdings in Horizon Bancorp by 29.2% during the second quarter. Virginia Retirement Systems ET AL now owns 11,500 shares of the financial services provider’s stock valued at $303,000 after acquiring an additional 2,600 shares during the period. Finally, American Century Companies Inc. raised its holdings 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 acquiring an additional 678 shares during the period. 44.67% of the stock is currently owned by institutional investors and hedge funds.

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Horizon Bancorp Company Profile

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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