Horizon Bancorp (HBNC) Receives $30.83 Consensus Target Price from Analysts
Horizon Bancorp (NASDAQ:HBNC) has been given an average recommendation of “Buy” by the six brokerages that are currently covering the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $30.83.
Several research analysts recently weighed in on HBNC shares. Zacks Investment Research lowered 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 Horizon Bancorp from $29.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, July 28th. Finally, Piper Jaffray Cos. started coverage on Horizon Bancorp in a research report on Thursday, October 6th. They issued an “overweight” rating and a $33.50 price objective for the company.
Horizon Bancorp (NASDAQ:HBNC) opened at 31.66 on Thursday. Horizon Bancorp has a 52-week low of $21.92 and a 52-week high of $32.27. The company has a market capitalization of $467.36 million, a price-to-earnings ratio of 16.55 and a beta of 0.70. The stock has a 50 day moving average price of $29.42 and a 200 day moving average price of $26.93. Horizon Bancorp’s stock is set to split before the market opens on Tuesday, November 15th. The 3-2 split was announced on Wednesday, October 19th. The newly created shares will be distributed to shareholders after the closing bell on Monday, November 14th.
The company also recently declared a quarterly dividend, which was paid on Friday, October 21st. Stockholders of record on Friday, October 7th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, October 5th. This represents a $0.60 annualized dividend and a dividend yield of 1.90%. Horizon Bancorp’s dividend payout ratio is currently 31.25%.
In other news, insider Thomas H. Edwards sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $27.65, for a total transaction of $276,500.00. Following the completion of the transaction, the insider now directly owns 10,097 shares in the company, valued at $279,182.05. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 7.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in HBNC. Wellington Management Group LLP raised its position in 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. BOKF NA bought a new position in Horizon Bancorp during the third quarter worth about $2,339,000. BlackRock Fund Advisors raised its position in Horizon Bancorp by 26.4% in the third quarter. BlackRock Fund Advisors now owns 368,560 shares of the financial services provider’s stock worth $10,828,000 after buying an additional 76,942 shares during the period. Deprince Race & Zollo Inc. bought a new position in Horizon Bancorp during the second quarter worth about $1,302,000. Finally, 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 during the period. Institutional investors and hedge funds own 36.22% of the company’s stock.
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.
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.