Zacks Investment Research Upgrades Horizon Bancorp (NASDAQ:HBNC) to Hold

Zacks Investment Research upgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a sell rating to a hold rating in a report published on Friday, 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. “

Several other analysts also recently commented on HBNC. ValuEngine upgraded shares of Horizon Bancorp from a strong sell rating to a sell rating in a report on Saturday, February 23rd. BidaskClub downgraded shares of Horizon Bancorp from a hold rating to a sell rating in a report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Horizon Bancorp has an average rating of Hold and a consensus price target of $21.00.

Shares of HBNC stock opened at $15.87 on Friday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $714.99 million, a price-to-earnings ratio of 12.50 and a beta of 0.97. Horizon Bancorp has a 52 week low of $14.79 and a 52 week high of $21.98.

Horizon Bancorp (NASDAQ:HBNC) last announced its earnings results on Wednesday, April 24th. The financial services provider reported $0.34 EPS for the quarter, topping the consensus estimate of $0.33 by $0.01. The firm had revenue of $42.99 million for the quarter, compared to the consensus estimate of $41.93 million. Horizon Bancorp had a net margin of 24.71% and a return on equity of 10.18%. On average, analysts forecast that Horizon Bancorp will post 1.52 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 19th. Shareholders of record on Friday, July 5th will be issued a dividend of $0.12 per share. This is an increase from Horizon Bancorp’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a yield of 3.02%. The ex-dividend date is Wednesday, July 3rd. Horizon Bancorp’s dividend payout ratio (DPR) is 31.50%.

In related news, President James D. Neff bought 3,500 shares of the company’s stock in a transaction on Wednesday, May 29th. The shares were purchased at an average cost of $15.77 per share, for a total transaction of $55,195.00. Following the acquisition, the president now owns 253,154 shares of the company’s stock, valued at approximately $3,992,238.58. The purchase was disclosed in a filing with the SEC, which is available at this link. Company insiders own 4.00% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers grew its stake in shares of Horizon Bancorp by 1.3% during the 1st quarter. Rhumbline Advisers now owns 54,380 shares of the financial services provider’s stock worth $875,000 after acquiring an additional 701 shares in the last quarter. Prudential Financial Inc. grew its stake in shares of Horizon Bancorp by 3.3% during the 4th quarter. Prudential Financial Inc. now owns 30,226 shares of the financial services provider’s stock worth $477,000 after acquiring an additional 956 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Horizon Bancorp by 18.8% during the 4th quarter. Legal & General Group Plc now owns 6,955 shares of the financial services provider’s stock worth $109,000 after acquiring an additional 1,100 shares in the last quarter. Northern Trust Corp grew its stake in shares of Horizon Bancorp by 0.3% during the 4th quarter. Northern Trust Corp now owns 452,456 shares of the financial services provider’s stock worth $7,141,000 after acquiring an additional 1,272 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Horizon Bancorp during the 1st quarter worth approximately $26,000. 46.10% of the stock is owned by institutional investors.

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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