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

Zacks Investment Research cut shares of Horizon Bancorp (NASDAQ:HBNC) from a buy rating to a hold rating in a research note published on Wednesday 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, Raymond James raised their price objective on shares of Horizon Bancorp from $14.00 to $19.00 and gave the company an outperform rating in a research report on Monday, February 1st.

NASDAQ HBNC opened at $18.50 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.05. Horizon Bancorp has a 52-week low of $7.93 and a 52-week high of $20.17. The business’s 50-day moving average price is $18.71 and its 200 day moving average price is $15.43. The firm has a market cap of $812.50 million, a P/E ratio of 12.67 and a beta of 1.31.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings results on Tuesday, January 26th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.17. Horizon Bancorp had a return on equity of 9.84% and a net margin of 25.31%. The firm had revenue of $63.36 million for the quarter, compared to analyst estimates of $59.10 million. As a group, analysts anticipate that Horizon Bancorp will post 1.44 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, April 16th. Stockholders of record on Friday, April 2nd will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.81%. This is an increase from Horizon Bancorp’s previous quarterly dividend of $0.12. The ex-dividend date is Wednesday, March 31st. Horizon Bancorp’s dividend payout ratio (DPR) is presently 31.71%.

In other Horizon Bancorp news, President James D. Neff sold 10,400 shares of Horizon Bancorp stock in a transaction that occurred on Friday, March 5th. The shares were sold at an average price of $19.02, for a total value of $197,808.00. Following the completion of the sale, the president now directly owns 249,464 shares of the company’s stock, valued at approximately $4,744,805.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark E. Secor sold 6,389 shares of Horizon Bancorp stock in a transaction that occurred on Monday, March 1st. The stock was sold at an average price of $18.38, for a total transaction of $117,429.82. Over the last quarter, insiders have sold 124,366 shares of company stock valued at $2,437,254. Insiders own 3.40% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Marshall Wace LLP purchased a new stake in Horizon Bancorp in the 1st quarter worth approximately $26,000. Squarepoint Ops LLC grew its stake in Horizon Bancorp by 15.0% in the 3rd quarter. Squarepoint Ops LLC now owns 15,088 shares of the financial services provider’s stock worth $152,000 after acquiring an additional 1,963 shares during the period. Citigroup Inc. grew its stake in Horizon Bancorp by 188.3% in the 4th quarter. Citigroup Inc. now owns 9,743 shares of the financial services provider’s stock worth $155,000 after acquiring an additional 6,363 shares during the period. SG Americas Securities LLC purchased a new stake in Horizon Bancorp in the 4th quarter worth approximately $183,000. Finally, Capital Asset Advisory Services LLC purchased a new stake in shares of Horizon Bancorp during the 4th quarter valued at $263,000. 51.89% of the stock is owned by hedge funds and other institutional investors.

About Horizon Bancorp

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

Further Reading: What is the price-to-earnings growth (PEG) ratio?

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