Horizon Bancorp (HBNC) Receives $31.17 Average Target Price from Analysts

Horizon Bancorp (NASDAQ:HBNC) has earned an average recommendation of “Buy” from the six ratings firms that are covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $31.17.

HBNC has been the topic of several analyst reports. Zacks Investment Research lowered Horizon Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, February 27th. ValuEngine upgraded Horizon Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, February 3rd. BidaskClub upgraded Horizon Bancorp from a “hold” rating to a “buy” rating in a report on Monday, February 5th. Finally, Piper Jaffray Companies reiterated a “buy” rating and set a $35.00 target price on shares of Horizon Bancorp in a report on Monday, January 29th.

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In other Horizon Bancorp news, insider Dennis Kuhn sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $30.00, for a total value of $225,000.00. Following the sale, the insider now owns 7,500 shares in the company, valued at $225,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.40% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in HBNC. Advisory Research Inc. raised its stake in Horizon Bancorp by 30.5% in the fourth quarter. Advisory Research Inc. now owns 767,690 shares of the financial services provider’s stock valued at $21,342,000 after buying an additional 179,235 shares during the period. BlackRock Inc. raised its stake in Horizon Bancorp by 14.3% in the fourth quarter. BlackRock Inc. now owns 1,286,963 shares of the financial services provider’s stock valued at $35,778,000 after buying an additional 160,644 shares during the period. Comerica Bank grew its position in shares of Horizon Bancorp by 576.9% in the third quarter. Comerica Bank now owns 156,531 shares of the financial services provider’s stock valued at $4,267,000 after purchasing an additional 133,406 shares during the last quarter. Rothschild Asset Management Inc. acquired a new position in shares of Horizon Bancorp in the third quarter valued at approximately $2,921,000. Finally, State Street Corp grew its position in shares of Horizon Bancorp by 28.1% in the second quarter. State Street Corp now owns 419,067 shares of the financial services provider’s stock valued at $11,043,000 after purchasing an additional 91,901 shares during the last quarter. Hedge funds and other institutional investors own 48.73% of the company’s stock.

Horizon Bancorp stock traded down $0.85 on Monday, reaching $29.19. The company had a trading volume of 98,415 shares, compared to its average volume of 63,898. Horizon Bancorp has a fifty-two week low of $24.41 and a fifty-two week high of $31.14. The company has a market capitalization of $767.85, a price-to-earnings ratio of 20.27 and a beta of 1.09. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.32.

Horizon Bancorp (NASDAQ:HBNC) last released its earnings results on Wednesday, January 24th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.06). Horizon Bancorp had a return on equity of 9.28% and a net margin of 20.49%. The company had revenue of $40.80 million for the quarter, compared to the consensus estimate of $40.73 million. equities research analysts anticipate that Horizon Bancorp will post 2.15 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 20th. Shareholders of record on Friday, April 6th will be paid a $0.15 dividend. This is a positive change from Horizon Bancorp’s previous quarterly dividend of $0.13. The ex-dividend date is Thursday, April 5th. This represents a $0.60 annualized dividend and a yield of 2.06%. Horizon Bancorp’s dividend payout ratio is currently 36.11%.

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Horizon Bancorp Company Profile

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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