Horizon Bancorp (HBNC) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. Zacks Investment Research currently has $30.00 target price on the financial services provider’s stock.

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 analysts have also issued reports on the company. BidaskClub lowered Horizon Bancorp from a hold rating to a sell rating in a report on Friday, December 15th. Piper Jaffray Companies set a $32.00 price objective on Horizon Bancorp and gave the stock a buy rating in a research report on Friday, October 6th. Finally, Sandler O’Neill reiterated 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 issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $30.13.

Shares of Horizon Bancorp (NASDAQ HBNC) opened at $28.32 on Wednesday. The stock has a market capitalization of $721.66, a P/E ratio of 20.37 and a beta of 0.96. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.26. Horizon Bancorp has a fifty-two week low of $24.20 and a fifty-two week high of $29.25.

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

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

In other Horizon Bancorp news, CEO Craig M. Dwight sold 3,200 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $27.06, for a total value of $86,592.00. Following the completion of the sale, the chief executive officer now owns 150,625 shares in the company, valued at approximately $4,075,912.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michele M. Thompson sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $27.29, for a total value of $272,900.00. The disclosure for this sale can be found here. Insiders sold a total of 76,046 shares of company stock valued at $2,072,323 in the last quarter. Corporate insiders own 5.40% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Schwab Charles Investment Management Inc. lifted its position in shares of Horizon Bancorp by 24.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 37,250 shares of the financial services provider’s stock worth $982,000 after buying an additional 7,400 shares during the period. Rhumbline Advisers lifted its position in shares of Horizon Bancorp by 6.9% during the 2nd quarter. Rhumbline Advisers now owns 24,527 shares of the financial services provider’s stock worth $646,000 after buying an additional 1,590 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Horizon Bancorp by 4.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 135,963 shares of the financial services provider’s stock worth $3,583,000 after buying an additional 5,294 shares during the period. Legal & General Group Plc lifted its position in shares of Horizon Bancorp by 14.2% during the 2nd quarter. Legal & General Group Plc now owns 5,331 shares of the financial services provider’s stock worth $140,000 after buying an additional 662 shares during the period. Finally, Comerica Bank bought a new position in shares of Horizon Bancorp during the 2nd quarter worth approximately $611,000. Institutional investors own 44.67% of the company’s stock.

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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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