Horizon Bancorp (HBNC) Receives New Coverage from Analysts at Piper Jaffray Cos.
Piper Jaffray Cos. initiated coverage on shares of Horizon Bancorp (NASDAQ:HBNC) in a research note published on Thursday morning. The firm issued an overweight rating and a $33.50 price objective on the financial services provider’s stock.
HBNC has been the topic of a number of other reports. Zacks Investment Research downgraded shares of Horizon Bancorp from a hold rating to a sell rating in a research report on Wednesday, July 20th. Keefe, Bruyette & Woods increased their price objective 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 investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Horizon Bancorp currently has an average rating of Buy and an average target price of $31.13.
Horizon Bancorp (NASDAQ:HBNC) traded down 0.57% during midday trading on Thursday, hitting $29.49. 11,619 shares of the stock traded hands. The stock has a market cap of $435.74 million, a price-to-earnings ratio of 16.12 and a beta of 0.49. Horizon Bancorp has a one year low of $21.92 and a one year high of $30.08. The company has a 50-day moving average price of $28.47 and a 200 day moving average price of $26.04.
Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings data on Wednesday, July 27th. The financial services provider reported $0.57 EPS for the quarter, beating the Zacks’ 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%. Equities research analysts anticipate that Horizon Bancorp will post $2.12 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Friday, October 7th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date is Wednesday, October 5th. Horizon Bancorp’s dividend payout ratio (DPR) is 32.79%.
In related news, insider Thomas H. Edwards sold 10,000 shares of the stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $27.65, for a total value of $276,500.00. Following the transaction, the insider now directly owns 10,097 shares of the company’s stock, valued at approximately $279,182.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 7.70% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Advisors LLC boosted its stake in shares of Horizon Bancorp by 1.4% in the second quarter. BlackRock Advisors LLC now owns 5,384 shares of the financial services provider’s stock worth $135,000 after buying an additional 75 shares in the last quarter. American International Group Inc. boosted its stake in shares of Horizon Bancorp by 19.6% in the second quarter. American International Group Inc. now owns 6,463 shares of the financial services provider’s stock worth $162,000 after buying an additional 1,057 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in shares of Horizon Bancorp by 5.8% in the first quarter. Metropolitan Life Insurance Co. NY now owns 8,808 shares of the financial services provider’s stock worth $218,000 after buying an additional 483 shares in the last quarter. Amica Retiree Medical Trust boosted its stake in shares of Horizon Bancorp by 81.1% in the second quarter. Amica Retiree Medical Trust now owns 8,935 shares of the financial services provider’s stock worth $225,000 after buying an additional 4,000 shares in the last quarter. Finally, Emerald Acquisition Ltd. acquired a new stake in shares of Horizon Bancorp during the second quarter worth $244,000. 36.09% 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 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.
Receive News & Stock Ratings for Horizon Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Horizon Bancorp and related stocks with our FREE daily email newsletter.