Horizon Bancorp (HBNC) Upgraded to Buy by Zacks Investment Research

Horizon Bancorp (NASDAQ:HBNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage presently has a $23.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 10.15% from the company’s current price.

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. “

Several other brokerages also recently issued reports on HBNC. BidaskClub upgraded Horizon Bancorp from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 6th. ValuEngine downgraded Horizon Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, June 12th. Finally, Stephens reissued a “buy” rating and issued a $24.00 price objective on shares of Horizon Bancorp in a research report on Friday, July 27th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $22.50.

Shares of Horizon Bancorp opened at $20.88 on Tuesday, according to Marketbeat Ratings. Horizon Bancorp has a 12-month low of $16.67 and a 12-month high of $22.13. The firm has a market capitalization of $798.86 million, a P/E ratio of 20.47 and a beta of 1.01. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.99 and a quick ratio of 0.99.

Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings results on Wednesday, July 25th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. Horizon Bancorp had a return on equity of 10.22% and a net margin of 23.28%. The firm had revenue of $42.48 million during the quarter, compared to the consensus estimate of $42.33 million. analysts forecast that Horizon Bancorp will post 1.46 earnings per share for the current year.

In other news, Director Eric P. Blackhurst acquired 1,630 shares of the firm’s stock in a transaction on Friday, May 18th. The stock was bought at an average cost of $30.70 per share, with a total value of $50,041.00. Following the transaction, the director now directly owns 6,133 shares in the company, valued at approximately $188,283.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, President James D. Neff sold 3,084 shares of the company’s stock in a transaction dated Wednesday, June 6th. The shares were sold at an average price of $32.59, for a total transaction of $100,507.56. Following the completion of the transaction, the president now directly owns 150,410 shares of the company’s stock, valued at $4,901,861.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,373 shares of company stock valued at $530,533. 4.60% of the stock is currently owned by corporate insiders.

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. boosted its position in Horizon Bancorp by 0.8% in the 1st quarter. BlackRock Inc. now owns 1,297,390 shares of the financial services provider’s stock valued at $38,935,000 after buying an additional 10,427 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Horizon Bancorp by 1.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,052,950 shares of the financial services provider’s stock valued at $31,599,000 after buying an additional 15,266 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Horizon Bancorp by 18.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 901,624 shares of the financial services provider’s stock valued at $27,058,000 after buying an additional 140,749 shares during the last quarter. Epoch Investment Partners Inc. boosted its position in Horizon Bancorp by 120.5% in the 1st quarter. Epoch Investment Partners Inc. now owns 776,885 shares of the financial services provider’s stock valued at $23,314,000 after buying an additional 424,540 shares during the last quarter. Finally, Comerica Bank boosted its position in Horizon Bancorp by 54.8% in the 2nd quarter. Comerica Bank now owns 419,435 shares of the financial services provider’s stock valued at $8,632,000 after buying an additional 148,401 shares during the last quarter. 35.06% of the stock is owned by institutional investors.

Horizon Bancorp Company Profile

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that provides commercial and retail banking services. The company offers non-interest bearing and interest-bearing demand deposits, savings accounts, money market deposits, and time deposits. Its loan portfolio comprises commercial, financial, agricultural, and commercial tax-exempt loans; and real estate, mortgage warehouse, and consumer loans.

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