Horizon Bancorp (HBNC) Downgraded by Zacks Investment Research
Horizon Bancorp (NASDAQ:HBNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.
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, Keefe, Bruyette & Woods boosted their price target on shares of Horizon Bancorp from $29.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, July 28th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $30.33.
Horizon Bancorp (NASDAQ:HBNC) traded down 1.80% during mid-day trading on Monday, reaching $28.85. The company had a trading volume of 22,789 shares. The company has a market capitalization of $426.29 million, a P/E ratio of 15.77 and a beta of 0.49. The stock has a 50 day moving average price of $28.35 and a 200 day moving average price of $25.96. Horizon Bancorp has a one year low of $21.92 and a one year high of $30.08.
Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly earnings data on Wednesday, July 27th. The financial services provider reported $0.57 EPS for the quarter, beating the consensus estimate of $0.55 by $0.02. Horizon Bancorp had a net margin of 17.13% and a return on equity of 9.48%. On average, equities analysts expect that Horizon Bancorp will post $2.12 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Friday, October 7th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend is Wednesday, October 5th. Horizon Bancorp’s dividend payout ratio is currently 32.79%.
In other Horizon Bancorp news, insider Thomas H. Edwards sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $27.65, for a total value of $276,500.00. Following the sale, the insider now owns 10,097 shares in the company, valued at $279,182.05. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 7.70% of the company’s stock.
Large investors have recently made changes to their positions in the company. Wellington Management Group LLP boosted its stake in shares of Horizon Bancorp by 215.2% in the first quarter. Wellington Management Group LLP now owns 410,474 shares of the financial services provider’s stock worth $10,146,000 after buying an additional 280,256 shares during the period. Deprince Race & Zollo Inc. acquired a new stake in shares of Horizon Bancorp during the second quarter worth $1,302,000. Amica Mutual Insurance Co. boosted its stake in shares of Horizon Bancorp by 76.7% in the second quarter. Amica Mutual Insurance Co. now owns 79,656 shares of the financial services provider’s stock worth $2,003,000 after buying an additional 34,586 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Horizon Bancorp by 10.2% in the second quarter. Dimensional Fund Advisors LP now owns 301,627 shares of the financial services provider’s stock worth $7,583,000 after buying an additional 28,008 shares during the period. Finally, Amica Pension Fund Board of Trustees boosted its stake in shares of Horizon Bancorp by 80.2% in the second quarter. Amica Pension Fund Board of Trustees now owns 57,924 shares of the financial services provider’s stock worth $1,456,000 after buying an additional 25,773 shares during the period. Institutional investors and hedge funds own 36.09% of the company’s stock.
About Horizon Bancorp
Horizon Bancorp is a bank holding company. The Company provides a range of banking services in Northwestern and Central Indiana and Southwestern Michigan through its bank subsidiary, Horizon Bank, N.A. (the Bank), and other affiliated entities and Horizon Risk Management, Inc The Bank is a full-service commercial bank offering commercial and retail banking services, corporate and individual trust and agency services and other services incident to banking.
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