Zacks Investment Research Lowers Horizon Bancorp (NASDAQ:HBNC) to Sell

Zacks Investment Research lowered shares of Horizon Bancorp (NASDAQ:HBNC) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning, Zacks.com reports.

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, BidaskClub lowered shares of Waterstone Financial from a hold rating to a sell rating in a report on Friday, June 21st. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. Horizon Bancorp presently has an average rating of Hold and a consensus target price of $21.00.



HBNC opened at $16.10 on Tuesday. The stock has a fifty day moving average price of $16.04. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $725.31 million, a price-to-earnings ratio of 12.68 and a beta of 0.95. Horizon Bancorp has a twelve month low of $14.79 and a twelve month high of $21.60.

Horizon Bancorp (NASDAQ:HBNC) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.01. The company had revenue of $42.99 million for the quarter, compared to analyst estimates of $41.93 million. Horizon Bancorp had a net margin of 24.71% and a return on equity of 10.18%. Research analysts forecast that Horizon Bancorp will post 1.51 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Stockholders of record on Friday, July 5th were given a dividend of $0.12 per share. This is an increase from Horizon Bancorp’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $0.48 annualized dividend and a dividend yield of 2.98%. Horizon Bancorp’s dividend payout ratio is currently 37.80%.

In related news, President James D. Neff acquired 3,500 shares of the stock in a transaction dated Wednesday, May 29th. The stock was bought at an average price of $15.77 per share, with a total value of $55,195.00. Following the completion of the transaction, the president now directly owns 253,154 shares of the company’s stock, valued at $3,992,238.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.00% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of the company. Rhumbline Advisers increased its position in shares of Horizon Bancorp by 1.3% during the first quarter. Rhumbline Advisers now owns 54,380 shares of the financial services provider’s stock worth $875,000 after acquiring an additional 701 shares in the last quarter. Prudential Financial Inc. increased its position in shares of Horizon Bancorp by 3.3% during the fourth quarter. Prudential Financial Inc. now owns 30,226 shares of the financial services provider’s stock worth $477,000 after acquiring an additional 956 shares in the last quarter. Legal & General Group Plc increased its position in shares of Horizon Bancorp by 18.8% during the fourth quarter. Legal & General Group Plc now owns 6,955 shares of the financial services provider’s stock worth $109,000 after acquiring an additional 1,100 shares in the last quarter. Northern Trust Corp increased its position in shares of Horizon Bancorp by 0.3% during the fourth quarter. Northern Trust Corp now owns 452,456 shares of the financial services provider’s stock worth $7,141,000 after acquiring an additional 1,272 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in Horizon Bancorp in the first quarter valued at $26,000. 46.11% of the stock is owned by institutional investors.

About Horizon Bancorp

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that provides commercial and retail banking services. The company offers demand and time deposits. Its loan portfolio comprises commercial, residential real estate, mortgage warehouse, and consumer loans. The company also provides corporate and individual trust and agency, investment management, and real estate investment trust services; and sells various insurance products.

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