Horizon Bancorp (HBNC) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a buy rating to a hold rating in a research report report published on Tuesday.

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. “

Several other analysts also recently issued reports on HBNC. Piper Jaffray Companies set a $32.00 price target on Horizon Bancorp and gave the company a buy rating in a research note on Friday, October 6th. BidaskClub upgraded Horizon Bancorp from a sell rating to a hold rating in a research note on Thursday, December 7th. Finally, Sandler O’Neill restated a hold rating and issued a $29.50 price target on shares of Horizon Bancorp in a research note on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $30.13.

Horizon Bancorp (NASDAQ HBNC) traded up $0.29 during mid-day trading on Tuesday, hitting $27.20. The company had a trading volume of 79,267 shares, compared to its average volume of 80,786. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market cap of $689.04, a price-to-earnings ratio of 19.57 and a beta of 0.98. Horizon Bancorp has a 1-year low of $24.20 and a 1-year high of $29.25.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.04). The firm had revenue of $35.90 million during the quarter, compared to the consensus estimate of $37.81 million. Horizon Bancorp had a net margin of 22.76% and a return on equity of 8.75%. research analysts predict that Horizon Bancorp will post 1.61 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, January 5th will be given a dividend of $0.13 per share. The ex-dividend date is Thursday, January 4th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.91%. Horizon Bancorp’s payout ratio is 37.41%.

In related news, Director Michele M. Thompson sold 10,000 shares of the company’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $27.29, for a total transaction of $272,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Craig M. Dwight sold 19,440 shares of the company’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $27.19, for a total value of $528,573.60. Following the sale, the chief executive officer now owns 154,223 shares of the company’s stock, valued at $4,193,323.37. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 76,046 shares of company stock valued at $2,072,323. Corporate insiders own 5.40% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. Thomson Horstmann & Bryant Inc. lifted its position in shares of Horizon Bancorp by 16.2% during the 4th quarter. Thomson Horstmann & Bryant Inc. now owns 46,847 shares of the financial services provider’s stock worth $1,302,000 after buying an additional 6,527 shares during the last quarter. Siena Capital Partners GP LLC bought a new stake in shares of Horizon Bancorp during the 4th quarter worth $560,000. Valeo Financial Advisors LLC bought a new stake in shares of Horizon Bancorp during the 3rd quarter worth $873,000. Jacobs Asset Management LLC increased its holdings in Horizon Bancorp by 20.3% in the 3rd quarter. Jacobs Asset Management LLC now owns 327,846 shares of the financial services provider’s stock worth $9,563,000 after purchasing an additional 55,429 shares in the last quarter. Finally, Stifel Financial Corp increased its holdings in Horizon Bancorp by 184.3% in the 3rd quarter. Stifel Financial Corp now owns 42,168 shares of the financial services provider’s stock worth $1,231,000 after purchasing an additional 27,336 shares in the last quarter. Institutional investors and hedge funds own 44.67% of the company’s stock.

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About Horizon Bancorp

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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