Analysts Set Horizon Bancorp (NASDAQ:HBNC) Target Price at $30.83
Horizon Bancorp (NASDAQ:HBNC) has been given an average recommendation of “Buy” by the six brokerages that are covering the stock. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $30.83.
Several research firms have recently issued reports on HBNC. Piper Jaffray Cos. began coverage on shares of Horizon Bancorp in a report on Thursday. They issued an “overweight” rating and a $33.50 price objective for the company. Zacks Investment Research upgraded shares of Horizon Bancorp from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a report on Tuesday, September 20th. Finally, 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 report on Thursday, July 28th.
In related news, insider Thomas H. Edwards sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $27.65, for a total transaction of $276,500.00. Following the completion of the sale, the insider now directly owns 10,097 shares in the company, valued at $279,182.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 7.70% of the company’s stock.
A number of hedge funds have recently modified their holdings of HBNC. 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 last quarter. Deprince Race & Zollo Inc. purchased a new position in Horizon Bancorp during the second quarter worth approximately $1,302,000. Amica Mutual Insurance Co. raised its position in 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 in the last quarter. Dimensional Fund Advisors LP raised its position in 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 in the last quarter. Finally, Amica Pension Fund Board of Trustees raised its position in 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 in the last quarter. Hedge funds and other institutional investors own 36.09% of the company’s stock.
Shares of Horizon Bancorp (NASDAQ:HBNC) opened at 29.67 on Thursday. The stock’s 50 day moving average price is $28.53 and its 200-day moving average price is $26.07. The firm has a market capitalization of $438.40 million, a P/E ratio of 16.22 and a beta of 0.49. Horizon Bancorp has a 12-month low of $21.92 and a 12-month high of $30.08.
Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings data on Wednesday, July 27th. The financial services provider reported $0.57 earnings per share (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 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Friday, October 7th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date is Wednesday, October 5th. Horizon Bancorp’s payout ratio is 32.79%.
Horizon Bancorp Company Profile
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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