Horizon Bancorp (HBNC) Downgraded to Hold at Zacks Investment Research
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 upped their price target on shares of Horizon Bancorp from $29.00 to $31.00 and gave the stock an outperform rating in a research note on Thursday, July 28th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Horizon Bancorp currently has an average rating of Buy and a consensus target price of $30.33.
Horizon Bancorp (NASDAQ:HBNC) opened at 28.85 on Monday. The firm’s 50-day moving average is $28.35 and its 200-day moving average is $25.96. The stock has a market capitalization of $426.29 million, a P/E ratio of 15.77 and a beta of 0.49. Horizon Bancorp has a 52 week low of $21.92 and a 52 week high of $30.08.
Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, July 27th. The financial services provider reported $0.57 earnings per share for the quarter, topping 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%. On average, equities research analysts predict that Horizon Bancorp will post $2.12 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Shareholders of record on Friday, October 7th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.60 annualized dividend and a dividend yield of 2.08%. 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 firm’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $27.65, for a total transaction of $276,500.00. Following the sale, 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 7.70% of the company’s stock.
Several large investors have recently added to or reduced their stakes in HBNC. Emerald Acquisition Ltd. bought a new position in shares of Horizon Bancorp during the second quarter valued at $244,000. Amica Mutual Insurance Co. raised its position 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 valued at $2,003,000 after buying an additional 34,586 shares during the last quarter. Amica Retiree Medical Trust raised its position 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 valued at $225,000 after buying an additional 4,000 shares during the last quarter. Amica Pension Fund Board of Trustees raised its position 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 valued at $1,456,000 after buying an additional 25,773 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Horizon Bancorp by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 49,540 shares of the financial services provider’s stock valued at $1,245,000 after buying an additional 520 shares during the last quarter. 36.09% of the stock is currently owned by institutional investors.
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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