Horizon Bancorp’s (HBNC) Hold Rating Reaffirmed at Sandler O’Neill

Horizon Bancorp (NASDAQ:HBNC)‘s stock had its “hold” rating reaffirmed by Sandler O’Neill in a research report issued to clients and investors on Wednesday. They presently have a $29.50 target price on the financial services provider’s stock. Sandler O’Neill’s price target points to a potential upside of 10.07% from the company’s previous close.

A number of other equities analysts have also weighed in on HBNC. Zacks Investment Research lowered Horizon Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. BidaskClub upgraded Horizon Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, December 7th. Finally, Piper Jaffray Companies set a $32.00 price target on Horizon Bancorp and gave the company a “buy” rating in a research report on Friday, October 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Horizon Bancorp has an average rating of “Hold” and an average target price of $30.38.

Shares of Horizon Bancorp (HBNC) traded down $0.42 during mid-day trading on Wednesday, reaching $26.80. The company had a trading volume of 80,836 shares, compared to its average volume of 107,218. Horizon Bancorp has a fifty-two week low of $24.20 and a fifty-two week high of $29.25. The company has a market capitalization of $708.41, a PE ratio of 19.28 and a beta of 0.98. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.96 and a quick ratio of 0.96.

Horizon Bancorp (NASDAQ:HBNC) last announced its earnings results on Wednesday, October 25th. The financial services provider reported $0.41 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.04). Horizon Bancorp had a net margin of 20.03% and a return on equity of 9.58%. The firm had revenue of $35.90 million for the quarter, compared to the consensus estimate of $37.81 million. sell-side analysts expect that Horizon Bancorp will post 1.61 EPS for the current year.

In other Horizon Bancorp news, CEO Craig M. Dwight sold 19,440 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $27.19, for a total transaction of $528,573.60. Following the completion of the sale, the chief executive officer now directly owns 154,223 shares in the company, valued at approximately $4,193,323.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michele M. Thompson sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $27.29, for a total value of $272,900.00. The disclosure for this sale can be found here. Insiders sold a total of 76,046 shares of company stock valued at $2,072,323 in the last quarter. 5.40% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Legal & General Group Plc boosted its position in Horizon Bancorp by 14.2% during the 2nd quarter. Legal & General Group Plc now owns 5,331 shares of the financial services provider’s stock worth $140,000 after acquiring an additional 662 shares during the period. Principal Financial Group Inc. acquired a new stake in Horizon Bancorp during the 2nd quarter worth about $205,000. Goldman Sachs Group Inc. boosted its position in Horizon Bancorp by 20.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 9,914 shares of the financial services provider’s stock worth $261,000 after acquiring an additional 1,700 shares during the period. Virginia Retirement Systems ET AL boosted its position in Horizon Bancorp by 29.2% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 11,500 shares of the financial services provider’s stock worth $303,000 after acquiring an additional 2,600 shares during the period. Finally, American Century Companies Inc. boosted its position in Horizon Bancorp by 6.2% during the 2nd quarter. American Century Companies Inc. now owns 11,664 shares of the financial services provider’s stock worth $307,000 after acquiring an additional 678 shares during the period. Hedge funds and other institutional investors own 44.67% of the company’s stock.

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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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