Horizon Bancorp (NASDAQ:HBNC) Upgraded at Zacks Investment Research

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Horizon Bancorp (NASDAQ:HBNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, August 7th. The firm presently has a $23.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.65% from the stock’s current price.

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. “

A number of other brokerages have also recently issued reports on HBNC. BidaskClub raised shares of Horizon Bancorp from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, June 6th. ValuEngine lowered shares of Horizon Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, June 12th. Finally, Stephens restated a “buy” rating and set a $24.00 price objective on shares of Horizon Bancorp in a research note on Friday, July 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Horizon Bancorp has a consensus rating of “Hold” and an average price target of $22.50.

Shares of HBNC opened at $20.60 on Tuesday. Horizon Bancorp has a twelve month low of $16.67 and a twelve month high of $22.13. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $800.63 million, a price-to-earnings ratio of 17.34 and a beta of 1.01.

Horizon Bancorp (NASDAQ:HBNC) last posted its earnings results on Wednesday, July 25th. The financial services provider reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.02. Horizon Bancorp had a net margin of 23.28% and a return on equity of 10.03%. The firm had revenue of $42.48 million during the quarter, compared to analysts’ expectations of $42.33 million. equities research analysts forecast that Horizon Bancorp will post 1.46 EPS for the current fiscal year.

In related news, CEO Craig M. Dwight sold 2,250 shares of the firm’s stock in a transaction that occurred on Wednesday, May 30th. The shares were sold at an average price of $31.35, for a total value of $70,537.50. Following the transaction, the chief executive officer now owns 148,996 shares of the company’s stock, valued at $4,671,024.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President James D. Neff sold 3,084 shares of the firm’s stock in a transaction that occurred on Wednesday, June 6th. The stock was sold at an average price of $32.59, for a total transaction of $100,507.56. Following the completion of the transaction, the president now directly owns 150,410 shares in the company, valued at approximately $4,901,861.90. The disclosure for this sale can be found here. Insiders own 4.60% of the company’s stock.

A number of large investors have recently modified their holdings of HBNC. Wells Fargo & Company MN lifted its holdings in shares of Horizon Bancorp by 4.3% in the first quarter. Wells Fargo & Company MN now owns 70,700 shares of the financial services provider’s stock worth $2,122,000 after buying an additional 2,944 shares in the last quarter. CX Institutional purchased a new position in shares of Horizon Bancorp in the second quarter worth $1,091,000. Sabal Trust CO lifted its holdings in shares of Horizon Bancorp by 50.7% in the second quarter. Sabal Trust CO now owns 25,281 shares of the financial services provider’s stock worth $523,000 after buying an additional 8,510 shares in the last quarter. Maltese Capital Management LLC lifted its holdings in shares of Horizon Bancorp by 166.7% in the first quarter. Maltese Capital Management LLC now owns 120,000 shares of the financial services provider’s stock worth $3,601,000 after buying an additional 75,000 shares in the last quarter. Finally, Epoch Investment Partners Inc. lifted its holdings in shares of Horizon Bancorp by 120.5% in the first quarter. Epoch Investment Partners Inc. now owns 776,885 shares of the financial services provider’s stock worth $23,314,000 after buying an additional 424,540 shares in the last quarter. 35.63% of the stock is currently owned by institutional investors and hedge funds.

Horizon Bancorp Company Profile

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that provides commercial and retail banking services. The company offers non-interest bearing and interest-bearing demand deposits, savings accounts, money market deposits, and time deposits. Its loan portfolio comprises commercial, financial, agricultural, and commercial tax-exempt loans; and real estate, mortgage warehouse, and consumer loans.

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