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

Separately, Piper Jaffray Companies set a $32.00 target price on Horizon Bancorp (IN) and gave the company a buy rating in a research report on Saturday, July 29th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of Buy and an average price target of $29.50.

Horizon Bancorp (HBNC) traded down 0.21% during mid-day trading on Wednesday, hitting $28.05. The stock had a trading volume of 143,155 shares. Horizon Bancorp has a 12 month low of $17.70 and a 12 month high of $29.25. The stock’s 50-day moving average price is $26.64 and its 200-day moving average price is $26.24. The stock has a market cap of $622.04 million, a price-to-earnings ratio of 21.11 and a beta of 1.00.

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The business also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, October 6th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Thursday, October 5th. Horizon Bancorp (IN)’s dividend payout ratio is currently 39.10%.

In other news, insider James D. Neff sold 4,799 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $26.75, for a total transaction of $128,373.25. Following the transaction, the insider now owns 147,176 shares of the company’s stock, valued at approximately $3,936,958. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider James D. Neff sold 1,800 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $26.25, for a total value of $47,250.00. Following the transaction, the insider now directly owns 147,176 shares in the company, valued at approximately $3,863,370. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,254 shares of company stock worth $713,536. Corporate insiders own 5.40% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. boosted its holdings in Horizon Bancorp (IN) by 6.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,214 shares of the financial services provider’s stock valued at $215,000 after acquiring an additional 519 shares during the period. American International Group Inc. boosted its holdings in Horizon Bancorp (IN) by 21.3% during the 1st quarter. American International Group Inc. now owns 11,747 shares of the financial services provider’s stock valued at $308,000 after acquiring an additional 2,065 shares during the period. Vanguard Group Inc. boosted its holdings in Horizon Bancorp (IN) by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 856,513 shares of the financial services provider’s stock valued at $22,457,000 after acquiring an additional 21,429 shares during the period. Bank of America Corp DE boosted its holdings in Horizon Bancorp (IN) by 53.9% during the 1st quarter. Bank of America Corp DE now owns 12,321 shares of the financial services provider’s stock valued at $323,000 after acquiring an additional 4,317 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in Horizon Bancorp (IN) by 20.8% during the 1st quarter. Renaissance Technologies LLC now owns 290,070 shares of the financial services provider’s stock valued at $7,606,000 after acquiring an additional 49,900 shares during the period. Institutional investors own 45.13% 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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