Horizon Bancorp (HBNC) Stock Rating Lowered by BidaskClub

Horizon Bancorp (NASDAQ:HBNC) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of Horizon Bancorp from a “sell” rating to a “hold” rating and set a $31.00 target price on the stock in a report on Wednesday, October 4th. Piper Jaffray Companies set a $32.00 target price on shares of Horizon Bancorp and gave the stock a “buy” rating in a report on Friday, October 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. Horizon Bancorp currently has an average rating of “Hold” and an average price target of $30.67.

Horizon Bancorp (NASDAQ:HBNC) traded up $0.71 during trading hours on Friday, reaching $27.52. The company had a trading volume of 251,658 shares, compared to its average volume of 65,813. The firm has a market capitalization of $683.18, a P/E ratio of 17.30 and a beta of 0.98. Horizon Bancorp has a fifty-two week low of $24.20 and a fifty-two week high of $29.25. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.26.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.41 EPS for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.04). The firm had revenue of $35.90 million during the quarter, compared to analyst estimates of $37.81 million. Horizon Bancorp had a return on equity of 9.58% and a net margin of 20.03%. analysts expect that Horizon Bancorp will post 1.64 earnings per share for the current fiscal year.

In other news, Director Michele M. Thompson sold 10,000 shares of Horizon Bancorp stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $27.29, for a total transaction of $272,900.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Craig M. Dwight sold 3,200 shares of Horizon Bancorp stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $27.06, for a total value of $86,592.00. Following the sale, the chief executive officer now directly owns 150,625 shares in the company, valued at approximately $4,075,912.50. The disclosure for this sale can be found here. Insiders sold 76,046 shares of company stock worth $2,072,323 in the last three months. 5.40% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in HBNC. Teachers Advisors LLC raised its holdings in shares of Horizon Bancorp by 3.1% during the first quarter. Teachers Advisors LLC now owns 31,770 shares of the financial services provider’s stock valued at $833,000 after buying an additional 951 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Horizon Bancorp by 2.6% during the first quarter. Vanguard Group Inc. now owns 856,513 shares of the financial services provider’s stock valued at $22,457,000 after buying an additional 21,429 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Horizon Bancorp by 53.9% during the first quarter. Bank of America Corp DE now owns 12,321 shares of the financial services provider’s stock valued at $323,000 after buying an additional 4,317 shares during the last quarter. Credit Suisse AG raised its holdings in shares of Horizon Bancorp by 5.0% during the first quarter. Credit Suisse AG now owns 12,139 shares of the financial services provider’s stock valued at $319,000 after buying an additional 573 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Horizon Bancorp by 6.7% during the first quarter. Goldman Sachs Group Inc. now owns 8,214 shares of the financial services provider’s stock valued at $215,000 after buying an additional 519 shares during the last quarter. 44.67% of the stock is currently owned by institutional investors.

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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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