Horizon Bancorp (HBNC) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a hold rating to a buy rating in a report released on Wednesday morning. They currently have $30.00 price objective on the financial services provider’s stock.
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. “
HBNC has been the topic of several other research reports. Piper Jaffray Companies set a $32.00 price objective on shares of Horizon Bancorp and gave the stock a buy rating in a research report on Friday, October 6th. BidaskClub lowered shares of Horizon Bancorp from a hold rating to a sell rating in a research report on Friday, January 5th. Finally, Sandler O’Neill reissued a hold rating and issued a $29.50 price target on shares of Horizon Bancorp in a research report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $30.13.
Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.41 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.04). The company had revenue of $35.90 million during the quarter, compared to the consensus estimate of $37.81 million. Horizon Bancorp had a return on equity of 8.75% and a net margin of 22.76%. analysts expect that Horizon Bancorp will post 1.61 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, January 5th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Thursday, January 4th. Horizon Bancorp’s dividend payout ratio (DPR) is currently 37.41%.
In other news, CEO Craig M. Dwight sold 3,200 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $27.06, for a total value of $86,592.00. Following the sale, the chief executive officer now owns 150,625 shares of the company’s stock, valued at $4,075,912.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Michele M. Thompson sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $27.29, for a total transaction of $272,900.00. The disclosure for this sale can be found here. In the last three months, insiders sold 76,046 shares of company stock worth $2,072,323. Insiders own 5.40% of the company’s stock.
Large investors have recently modified their holdings of the stock. Legal & General Group Plc grew its stake in Horizon Bancorp by 14.2% during the second quarter. Legal & General Group Plc now owns 5,331 shares of the financial services provider’s stock valued at $140,000 after acquiring an additional 662 shares in the last quarter. Principal Financial Group Inc. purchased a new position in Horizon Bancorp during the second quarter valued at approximately $205,000. Goldman Sachs Group Inc. grew its stake in Horizon Bancorp by 20.7% during the second quarter. Goldman Sachs Group Inc. now owns 9,914 shares of the financial services provider’s stock valued at $261,000 after acquiring an additional 1,700 shares in the last quarter. American Century Companies Inc. grew its stake in Horizon Bancorp by 6.2% during the second quarter. American Century Companies Inc. now owns 11,664 shares of the financial services provider’s stock valued at $307,000 after acquiring an additional 678 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its stake in Horizon Bancorp by 70.6% during the second quarter. Parametric Portfolio Associates LLC now owns 13,938 shares of the financial services provider’s stock valued at $367,000 after acquiring an additional 5,768 shares in the last quarter. 44.67% of the stock is owned by institutional investors.
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Horizon Bancorp Company Profile
Horizon Bancorp is a bank holding company. The Company provides a range of banking services in Northern and Central Indiana and Southwestern and Central Michigan through its bank subsidiary, Horizon Bank, N.A. (the Bank) and other affiliated entities and Horizon Risk Management, Inc The Company operates through commercial banking segment.
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