Horizon Bancorp (HBNC) Upgraded at Zacks Investment Research
Horizon Bancorp (NASDAQ:HBNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $30.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 6.08% from the stock’s previous close.
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 reaffirmed a “hold” rating and issued 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 report on Friday, January 5th. Finally, Piper Jaffray Companies set a $32.00 target price on shares of Horizon Bancorp and gave the company a “buy” rating in a research report on Friday, October 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $30.13.
Horizon Bancorp (HBNC) opened at $28.28 on Wednesday. The company has a market cap of $689.04, a PE ratio of 20.35 and a beta of 0.98. Horizon Bancorp has a 12 month low of $24.20 and a 12 month high of $29.25. 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 (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 Thomson Reuters’ 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 8.75% and a net margin of 22.76%. analysts forecast that Horizon Bancorp will post 1.61 earnings per share for the current fiscal year.
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 shares were sold at an average price of $27.42, for a total transaction of $421,308.30. Following the transaction, the chief executive officer now owns 150,625 shares of the company’s stock, valued at approximately $4,130,137.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark E. Secor sold 7,103 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $27.30, for a total transaction of $193,911.90. Following the transaction, the chief financial officer now directly owns 10,183 shares in the company, valued at approximately $277,995.90. The disclosure for this sale can be found here. Insiders have sold a total of 76,046 shares of company stock worth $2,072,323 in the last three months. Insiders own 5.40% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its position in shares of Horizon Bancorp by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,101,483 shares of the financial services provider’s stock worth $29,024,000 after buying an additional 29,557 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Horizon Bancorp by 7.8% in the 2nd quarter. Vanguard Group Inc. now owns 923,226 shares of the financial services provider’s stock worth $24,326,000 after buying an additional 66,713 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Horizon Bancorp by 10.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 678,718 shares of the financial services provider’s stock worth $19,798,000 after buying an additional 65,429 shares during the last quarter. State Street Corp grew its position in shares of Horizon Bancorp by 28.1% in the 2nd quarter. State Street Corp now owns 419,067 shares of the financial services provider’s stock worth $11,043,000 after buying an additional 91,901 shares during the last quarter. Finally, Jacobs Asset Management LLC grew its position in shares of Horizon Bancorp by 20.3% in the 3rd quarter. Jacobs Asset Management LLC now owns 327,846 shares of the financial services provider’s stock worth $9,563,000 after buying an additional 55,429 shares during the last quarter. 44.67% of the stock is currently owned by hedge funds and other institutional investors.
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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