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 report issued on Tuesday morning.
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 research analysts also recently commented on HBNC. Sandler O’Neill reissued a hold rating and set a $29.50 price target on shares of Horizon Bancorp in a research note on Wednesday, January 3rd. BidaskClub downgraded shares of Horizon Bancorp from a hold rating to a sell rating in a research note on Friday, January 5th. Finally, Piper Jaffray Companies set a $32.00 price target on shares of Horizon Bancorp and gave the stock a buy rating in a research note on Friday, October 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $30.13.
Horizon Bancorp (HBNC) opened at $28.32 on Tuesday. The company has a market cap of $721.66, a P/E ratio of 20.37 and a beta of 0.96. Horizon Bancorp has a one year low of $24.20 and a one year high of $29.25. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.96 and a current ratio of 0.96.
Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.41 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.04). The business had revenue of $35.90 million for 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%. sell-side analysts predict that Horizon Bancorp will post 1.61 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 19th. Investors of record on Friday, January 5th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Thursday, January 4th. Horizon Bancorp’s payout ratio is 37.41%.
In related news, CEO Craig M. Dwight sold 3,200 shares of Horizon Bancorp stock in a transaction on Monday, November 6th. The shares were sold at an average price of $27.06, for a total value of $86,592.00. Following the transaction, the chief executive officer now directly owns 150,625 shares of the company’s stock, valued at $4,075,912.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Craig M. Dwight sold 15,365 shares of Horizon Bancorp stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $27.42, for a total transaction of $421,308.30. Following the completion of the transaction, the chief executive officer now directly owns 150,625 shares in the company, valued at $4,130,137.50. 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.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc increased its stake in shares of Horizon Bancorp by 14.2% in the second 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. Principal Financial Group Inc. purchased a new position in shares of Horizon Bancorp in the second quarter worth $205,000. Goldman Sachs Group Inc. increased its stake in shares of Horizon Bancorp by 20.7% in the second quarter. Goldman Sachs Group Inc. now owns 9,914 shares of the financial services provider’s stock worth $261,000 after buying an additional 1,700 shares during the period. American Century Companies Inc. increased its stake in shares of Horizon Bancorp by 6.2% in the second quarter. American Century Companies Inc. now owns 11,664 shares of the financial services provider’s stock worth $307,000 after buying an additional 678 shares during the period. Finally, Parametric Portfolio Associates LLC increased its stake in shares of Horizon Bancorp by 70.6% in the second quarter. Parametric Portfolio Associates LLC now owns 13,938 shares of the financial services provider’s stock worth $367,000 after buying an additional 5,768 shares during the period. 44.67% of the stock is currently owned by institutional investors.
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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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