Horizon Bancorp (HBNC) Earns Overweight Rating from Analysts at Piper Jaffray Cos.
Piper Jaffray Cos. initiated coverage on shares of Horizon Bancorp (NASDAQ:HBNC) in a report published on Thursday. The brokerage issued an overweight rating and a $33.50 target price on the financial services provider’s stock.
Several other analysts have also commented on HBNC. Keefe, Bruyette & Woods increased their price target 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. Zacks Investment Research raised shares of Horizon Bancorp from a sell rating to a hold rating in a research note on Tuesday, August 2nd. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $31.13.
Horizon Bancorp (NASDAQ:HBNC) opened at 29.66 on Thursday. Horizon Bancorp has a 52 week low of $21.92 and a 52 week high of $30.40. The stock has a market capitalization of $438.26 million, a price-to-earnings ratio of 16.22 and a beta of 0.49. The company has a 50-day moving average of $28.66 and a 200-day moving average of $26.15.
Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings results on Wednesday, July 27th. The financial services provider reported $0.57 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%. Analysts anticipate that Horizon Bancorp will post $2.12 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Friday, October 7th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Wednesday, October 5th. Horizon Bancorp’s payout ratio is 32.79%.
In related news, insider Thomas H. Edwards sold 10,000 shares of the company’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 transaction, the insider now owns 10,097 shares of the company’s stock, valued at $279,182.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 7.70% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. BlackRock Advisors LLC increased its position in 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. increased its position in 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 increased its position in 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 increased its position in 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. bought a new position in Horizon Bancorp during the second quarter worth $244,000. 36.09% of the stock is currently owned by institutional investors and hedge funds.
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.
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