Zacks Investment Research downgraded shares of Horizon Bancorp (IN) (NASDAQ:HBNC) from a buy rating to a hold rating in a research report sent to investors 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. “

Other research analysts also recently issued reports about the company. ValuEngine raised Horizon Bancorp (IN) from a hold rating to a buy rating in a report on Friday, June 2nd. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $29.00 price target on shares of Horizon Bancorp (IN) in a report on Wednesday, April 26th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Horizon Bancorp (IN) currently has an average rating of Buy and an average target price of $27.08.

Shares of Horizon Bancorp (NASDAQ HBNC) traded up 0.07% during midday trading on Tuesday, hitting $26.69. The stock had a trading volume of 49,333 shares. Horizon Bancorp has a 12 month low of $17.70 and a 12 month high of $28.63. The stock’s 50-day moving average is $26.40 and its 200-day moving average is $26.10. The stock has a market cap of $591.88 million, a PE ratio of 20.07 and a beta of 0.98.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by $0.07. The business had revenue of $33.13 million for the quarter, compared to the consensus estimate of $34.97 million. Horizon Bancorp (IN) had a net margin of 19.16% and a return on equity of 9.73%. Equities analysts anticipate that Horizon Bancorp will post $1.74 EPS for the current year.

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The firm also recently declared a quarterly dividend, which was paid on Friday, July 21st. Stockholders of record on Friday, July 7th were issued a dividend of $0.13 per share. This is an increase from Horizon Bancorp (IN)’s previous quarterly dividend of $0.11. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date was Wednesday, July 5th. Horizon Bancorp (IN)’s dividend payout ratio is presently 39.10%.

A number of hedge funds have recently bought and sold shares of HBNC. Dimensional Fund Advisors LP boosted its stake in Horizon Bancorp (IN) by 66.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 506,284 shares of the financial services provider’s stock worth $14,176,000 after buying an additional 202,919 shares during the period. State Street Corp boosted its stake in Horizon Bancorp (IN) by 91.0% in the fourth quarter. State Street Corp now owns 313,500 shares of the financial services provider’s stock worth $8,780,000 after buying an additional 149,342 shares during the period. Renaissance Technologies LLC boosted its stake in Horizon Bancorp (IN) by 27.0% in the fourth quarter. Renaissance Technologies LLC now owns 240,170 shares of the financial services provider’s stock worth $6,725,000 after buying an additional 51,050 shares during the period. Stephens Inc. AR purchased a new stake in Horizon Bancorp (IN) during the first quarter worth approximately $1,000,000. Finally, Pacific Ridge Capital Partners LLC boosted its stake in Horizon Bancorp (IN) by 20.0% in the first quarter. Pacific Ridge Capital Partners LLC now owns 160,323 shares of the financial services provider’s stock worth $4,204,000 after buying an additional 26,738 shares during the period. Institutional investors own 44.13% of the company’s stock.

About Horizon Bancorp (IN)

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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