Horizon Bancorp (NASDAQ:HBNC) Downgraded by StockNews.com

StockNews.com cut shares of Horizon Bancorp (NASDAQ:HBNC) from a hold rating to a sell rating in a research note published on Thursday morning.

A number of other brokerages also recently commented on HBNC. Piper Sandler boosted their price objective on shares of Horizon Bancorp from $13.00 to $18.00 and gave the company a neutral rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods boosted their price target on Horizon Bancorp from $14.00 to $16.00 and gave the company a market perform rating in a research note on Monday, July 29th.

Horizon Bancorp Price Performance

HBNC opened at $16.02 on Thursday. The firm has a market capitalization of $706.74 million, a P/E ratio of 29.67 and a beta of 1.05. The stock has a fifty day moving average of $14.25 and a 200-day moving average of $12.87. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 2.02. Horizon Bancorp has a 12-month low of $9.22 and a 12-month high of $16.62.

Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.01. Horizon Bancorp had a return on equity of 8.17% and a net margin of 5.50%. The firm had revenue of $97.47 million during the quarter, compared to the consensus estimate of $55.03 million. During the same period in the prior year, the business earned $0.41 EPS. Equities analysts forecast that Horizon Bancorp will post 1.38 EPS for the current fiscal year.

Horizon Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 19th. Shareholders of record on Friday, July 5th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 4.00%. The ex-dividend date was Friday, July 5th. Horizon Bancorp’s payout ratio is 118.52%.

Hedge Funds Weigh In On Horizon Bancorp

Institutional investors have recently bought and sold shares of the stock. Sapient Capital LLC bought a new position in shares of Horizon Bancorp in the 4th quarter valued at approximately $29,765,000. Dimensional Fund Advisors LP raised its position in shares of Horizon Bancorp by 5.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,955,694 shares of the financial services provider’s stock valued at $27,987,000 after purchasing an additional 94,332 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Horizon Bancorp by 16.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,347 shares of the financial services provider’s stock worth $159,000 after buying an additional 1,749 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Horizon Bancorp by 88,223.7% during the 1st quarter. Blue Trust Inc. now owns 67,126 shares of the financial services provider’s stock worth $861,000 after buying an additional 67,050 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Horizon Bancorp by 75.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,680 shares of the financial services provider’s stock valued at $167,000 after buying an additional 5,009 shares during the last quarter. 64.51% of the stock is currently owned by institutional investors.

About Horizon Bancorp

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that engages in the provision of commercial and retail banking services. The company offers checking, saving, money market, certificate of deposits, individual retirement accounts, and time deposits, as well as non-interest- and interest-bearing demand deposits.