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

Zacks Investment Research downgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a hold rating to a sell rating in a report published 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. “

Other analysts have also recently issued research reports about the company. ValuEngine upgraded Horizon Bancorp from a strong sell rating to a sell rating in a research note on Friday, October 4th. BidaskClub cut Horizon Bancorp from a buy rating to a hold rating in a research note on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $20.00.

Shares of NASDAQ:HBNC traded up $0.08 during trading on Tuesday, hitting $17.49. The company’s stock had a trading volume of 1,233 shares, compared to its average volume of 86,774. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.96 and a current ratio of 0.96. Horizon Bancorp has a fifty-two week low of $14.79 and a fifty-two week high of $18.64. The stock’s 50-day moving average price is $16.98 and its two-hundred day moving average price is $16.46. The company has a market capitalization of $771.45 million, a PE ratio of 13.81 and a beta of 1.00.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.03. Horizon Bancorp had a return on equity of 10.10% and a net margin of 24.17%. The business had revenue of $52.43 million for the quarter, compared to analysts’ expectations of $52.61 million. On average, equities analysts predict that Horizon Bancorp will post 1.57 earnings per share for the current fiscal year.

The company also recently disclosed a — dividend, which will be paid on Friday, October 18th. Shareholders of record on Friday, October 4th will be paid a dividend of $0.12 per share. This represents a yield of 2.7%. The ex-dividend date is Thursday, October 3rd. Horizon Bancorp’s payout ratio is currently 37.80%.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Marshall Wace LLP acquired a new stake in shares of Horizon Bancorp during the 1st quarter worth approximately $26,000. Meeder Asset Management Inc. grew its holdings in Horizon Bancorp by 277.2% in the 2nd quarter. Meeder Asset Management Inc. now owns 1,905 shares of the financial services provider’s stock worth $31,000 after buying an additional 1,400 shares in the last quarter. Bank of Montreal Can grew its holdings in Horizon Bancorp by 76.1% in the 2nd quarter. Bank of Montreal Can now owns 7,319 shares of the financial services provider’s stock worth $120,000 after buying an additional 3,162 shares in the last quarter. Gamco Investors INC. ET AL bought a new position in Horizon Bancorp in the 2nd quarter worth approximately $163,000. Finally, JPMorgan Chase & Co. grew its holdings in Horizon Bancorp by 13.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 10,252 shares of the financial services provider’s stock worth $166,000 after buying an additional 1,218 shares in the last quarter. Hedge funds and other institutional investors own 48.88% of the company’s stock.

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 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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