Horizon Bancorp (NASDAQ:HBNC) Stock Rating Upgraded by Zacks Investment Research
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 equities analysts also recently issued reports about the company. BidaskClub raised Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Friday. ValuEngine downgraded Horizon Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, March 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $21.00.
Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. The firm had revenue of $42.99 million during the quarter, compared to the consensus estimate of $41.93 million. Horizon Bancorp had a return on equity of 10.18% and a net margin of 24.71%. On average, sell-side analysts predict that Horizon Bancorp will post 1.52 EPS for the current fiscal year.
In other Horizon Bancorp news, President James D. Neff acquired 3,500 shares of the business’s stock in a transaction on Wednesday, May 29th. The stock was purchased at an average price of $15.77 per share, for a total transaction of $55,195.00. Following the completion of the transaction, the president now owns 253,154 shares of the company’s stock, valued at approximately $3,992,238.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.00% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Marshall Wace LLP acquired a new position in Horizon Bancorp in the 1st quarter valued at approximately $26,000. Pacific Ridge Capital Partners LLC raised its holdings in Horizon Bancorp by 20.5% in the 1st quarter. Pacific Ridge Capital Partners LLC now owns 264,715 shares of the financial services provider’s stock valued at $4,259,000 after acquiring an additional 45,043 shares in the last quarter. Tradition Capital Management LLC raised its holdings in Horizon Bancorp by 44.2% in the 1st quarter. Tradition Capital Management LLC now owns 143,954 shares of the financial services provider’s stock valued at $2,316,000 after acquiring an additional 44,118 shares in the last quarter. California Public Employees Retirement System raised its holdings in Horizon Bancorp by 49.6% in the 1st quarter. California Public Employees Retirement System now owns 88,314 shares of the financial services provider’s stock valued at $1,421,000 after acquiring an additional 29,263 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in Horizon Bancorp by 1.3% in the 1st quarter. Rhumbline Advisers now owns 54,380 shares of the financial services provider’s stock valued at $875,000 after acquiring an additional 701 shares in the last quarter. Institutional investors and hedge funds own 46.10% of the company’s stock.
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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