Horizon Bancorp (HBNC) Cut to “Hold” at BidaskClub

BidaskClub cut shares of Horizon Bancorp (NASDAQ:HBNC) from a buy rating to a hold rating in a report issued on Friday morning.

Several other analysts have also recently commented on HBNC. Zacks Investment Research upgraded shares of Horizon Bancorp from a hold rating to a buy rating and set a $34.00 price target on the stock in a research note on Thursday, March 29th. ValuEngine upgraded shares of Horizon Bancorp from a hold rating to a buy rating in a research note on Wednesday, March 28th. Piper Jaffray reiterated a buy rating and issued a $35.00 price target on shares of Horizon Bancorp in a research note on Monday, January 29th. Finally, Sandler O’Neill reiterated a hold rating and issued a $29.50 price target on shares of Horizon Bancorp in a research note on Wednesday, January 3rd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Horizon Bancorp has a consensus rating of Buy and an average price target of $31.88.

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Shares of HBNC stock opened at $29.35 on Friday. The firm has a market capitalization of $750.21, a price-to-earnings ratio of 18.69 and a beta of 1.05. Horizon Bancorp has a 52 week low of $24.54 and a 52 week high of $31.14. The company has a debt-to-equity ratio of 1.32, a quick ratio of 1.01 and a current ratio of 1.01.

Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.40 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.06). The company had revenue of $40.80 million during the quarter, compared to analysts’ expectations of $40.73 million. Horizon Bancorp had a return on equity of 9.28% and a net margin of 20.49%. equities analysts expect that Horizon Bancorp will post 2.14 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 20th. Stockholders of record on Friday, April 6th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.04%. This is a boost from Horizon Bancorp’s previous quarterly dividend of $0.13. The ex-dividend date is Thursday, April 5th. Horizon Bancorp’s dividend payout ratio is currently 39.22%.

In other news, insider Dennis Kuhn sold 7,500 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $30.00, for a total transaction of $225,000.00. Following the sale, the insider now directly owns 7,500 shares in the company, valued at approximately $225,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.60% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of Horizon Bancorp by 14.3% during the 4th 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 in the last quarter. Advisory Research Inc. raised its position in shares of Horizon Bancorp by 30.5% during the 4th 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 in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Horizon Bancorp by 10.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 678,718 shares of the financial services provider’s stock valued at $19,798,000 after buying an additional 65,429 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Horizon Bancorp by 13.5% during the 4th quarter. Geode Capital Management LLC now owns 197,383 shares of the financial services provider’s stock valued at $5,487,000 after buying an additional 23,534 shares in the last quarter. Finally, Comerica Bank raised its position in shares of Horizon Bancorp by 25.4% during the 4th quarter. Comerica Bank now owns 196,291 shares of the financial services provider’s stock valued at $5,612,000 after buying an additional 39,760 shares in the last quarter. Hedge funds and other institutional investors own 48.72% of the company’s stock.

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About Horizon Bancorp

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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