Horizon Bancorp (NASDAQ:HBNC) has been assigned an average recommendation of “Buy” from the six analysts that are covering the company. Two research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $30.83.
Several equities analysts recently issued reports on the company. Piper Jaffray Cos. assumed coverage on Horizon Bancorp in a research report on Thursday. They set an “overweight” rating and a $33.50 price target on the stock. Keefe, Bruyette & Woods lifted their price objective on Horizon Bancorp from $29.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, July 28th. Finally, Zacks Investment Research upgraded Horizon Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 2nd.
In related news, insider Thomas H. Edwards sold 10,000 shares of Horizon Bancorp stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $27.65, for a total transaction of $276,500.00. Following the sale, the insider now directly owns 10,097 shares in the company, valued at $279,182.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 7.70% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its stake in Horizon Bancorp by 215.2% in the first quarter. Wellington Management Group LLP now owns 410,474 shares of the financial services provider’s stock valued at $10,146,000 after buying an additional 280,256 shares in the last quarter. Deprince Race & Zollo Inc. purchased a new stake in Horizon Bancorp during the second quarter valued at $1,302,000. Amica Mutual Insurance Co. raised its stake in Horizon Bancorp by 76.7% in the second quarter. Amica Mutual Insurance Co. now owns 79,656 shares of the financial services provider’s stock valued at $2,003,000 after buying an additional 34,586 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Horizon Bancorp by 10.2% in the second quarter. Dimensional Fund Advisors LP now owns 301,627 shares of the financial services provider’s stock valued at $7,583,000 after buying an additional 28,008 shares in the last quarter. Finally, Amica Pension Fund Board of Trustees raised its stake in Horizon Bancorp by 80.2% in the second quarter. Amica Pension Fund Board of Trustees now owns 57,924 shares of the financial services provider’s stock valued at $1,456,000 after buying an additional 25,773 shares in the last quarter. Institutional investors own 36.09% of the company’s stock.
Horizon Bancorp (NASDAQ:HBNC) traded up 1.24% during midday trading on Thursday, reaching $29.38. The company had a trading volume of 21,528 shares. The company has a 50-day moving average of $28.42 and a 200-day moving average of $26.01. The stock has a market capitalization of $434.12 million, a PE ratio of 16.06 and a beta of 0.49. Horizon Bancorp has a 12-month low of $21.92 and a 12-month high of $30.08.
Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, July 27th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.02. Horizon Bancorp had a return on equity of 9.48% and a net margin of 17.13%. On average, analysts predict that Horizon Bancorp will post $2.12 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Friday, October 7th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 5th. This represents a $0.60 annualized dividend and a dividend yield of 2.07%. Horizon Bancorp’s dividend payout ratio is presently 32.79%.
About Horizon Bancorp
Horizon Bancorp is a bank holding company. The Company provides a range of banking services in Northwestern and Central Indiana and Southwestern Michigan through its bank subsidiary, Horizon Bank, N.A. (the Bank), and other affiliated entities and Horizon Risk Management, Inc The Bank is a full-service commercial bank offering commercial and retail banking services, corporate and individual trust and agency services and other services incident to banking.
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