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

Horizon Bancorp (NASDAQ:HBNC) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Friday.

HBNC has been the subject of a number of other reports. Zacks Investment Research raised shares of Horizon Bancorp from a “sell” rating to a “hold” rating and set a $31.00 price target for the company in a research report on Wednesday, October 4th. Piper Jaffray Companies set a $32.00 price target on shares of Horizon Bancorp and gave the company a “buy” rating in a research report on Friday, October 6th. Finally, Sandler O’Neill reissued a “hold” rating and set a $29.50 price target on shares of Horizon Bancorp in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $30.38.

Shares of Horizon Bancorp (HBNC) opened at $27.04 on Friday. Horizon Bancorp has a 12-month low of $24.20 and a 12-month high of $29.25. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market cap of $693.40, a PE ratio of 19.45 and a beta of 0.96.

Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.04). Horizon Bancorp had a net margin of 20.03% and a return on equity of 9.58%. The business had revenue of $35.90 million for the quarter, compared to analysts’ expectations of $37.81 million. research analysts predict that Horizon Bancorp will post 1.61 earnings per share for the current year.

In related news, CEO Craig M. Dwight sold 15,365 shares of Horizon Bancorp stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $27.42, for a total transaction of $421,308.30. Following the completion of the transaction, the chief executive officer now directly owns 150,625 shares of the company’s stock, valued at approximately $4,130,137.50. The sale was disclosed in a filing with the SEC, 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 shares were sold at an average price of $27.29, for a total transaction of $272,900.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,046 shares of company stock valued at $2,072,323. 5.40% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the business. Legal & General Group Plc increased its stake 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 valued at $140,000 after purchasing an additional 662 shares in the last quarter. Principal Financial Group Inc. bought a new stake in Horizon Bancorp during the 2nd quarter valued at about $205,000. Goldman Sachs Group Inc. increased its stake 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 valued at $261,000 after purchasing an additional 1,700 shares in the last quarter. Virginia Retirement Systems ET AL increased its stake 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 valued at $303,000 after purchasing an additional 2,600 shares in the last quarter. Finally, American Century Companies Inc. increased its stake 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 valued at $307,000 after purchasing an additional 678 shares in the last quarter. Institutional investors and hedge funds own 44.67% 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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