Horizon Bancorp (HBNC) Receives Buy Rating from Piper Jaffray Companies

Horizon Bancorp (NASDAQ:HBNC)‘s stock had its “buy” rating reissued by equities research analysts at Piper Jaffray Companies in a note issued to investors on Monday. They presently have a $35.00 target price on the financial services provider’s stock. Piper Jaffray Companies’ price objective indicates a potential upside of 16.67% from the company’s previous close.

Several other research analysts have also recently issued reports on the company. BidaskClub cut Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, December 15th. Zacks Investment Research cut Horizon Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. Finally, Sandler O’Neill reaffirmed a “hold” rating and set a $29.50 price objective on shares of Horizon Bancorp in a research report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Horizon Bancorp presently has an average rating of “Buy” and an average target price of $30.88.

Horizon Bancorp (NASDAQ HBNC) opened at $30.00 on Monday. The stock has a market capitalization of $766.47, a PE ratio of 19.11 and a beta of 0.98. Horizon Bancorp has a 1 year low of $24.20 and a 1 year high of $30.02. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.26.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.06). The business had revenue of $40.80 million for the quarter, compared to analyst estimates of $40.73 million. Horizon Bancorp had a return on equity of 9.85% and a net margin of 20.49%. equities research analysts predict that Horizon Bancorp will post 2.09 earnings per share for the current year.

In related news, CEO Craig M. Dwight sold 15,365 shares of the company’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $27.42, for a total value of $421,308.30. Following the completion of the sale, 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 legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michele M. Thompson sold 10,000 shares of the company’s stock in a transaction dated Wednesday, December 13th. The shares were 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. Over the last three months, insiders sold 76,046 shares of company stock valued at $2,072,323. Insiders own 5.40% of the company’s stock.

A number of institutional investors have recently bought and sold shares of HBNC. Legal & General Group Plc lifted 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 approximately $205,000. Goldman Sachs Group Inc. lifted 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. Parametric Portfolio Associates LLC lifted its position in Horizon Bancorp by 70.6% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 13,938 shares of the financial services provider’s stock worth $367,000 after acquiring an additional 5,768 shares during the period. Finally, Nationwide Fund Advisors lifted its position in Horizon Bancorp by 3.3% during the 2nd quarter. Nationwide Fund Advisors now owns 14,031 shares of the financial services provider’s stock worth $370,000 after acquiring an additional 449 shares during the period. 44.74% of the stock is owned by institutional investors.

ILLEGAL ACTIVITY WARNING: This piece of content was published by American Banking News and is the sole property of of American Banking News. If you are accessing this piece of content on another site, it was illegally copied and reposted in violation of US & international copyright & trademark laws. The correct version of this piece of content can be viewed at https://www.americanbankingnews.com/2018/01/29/horizon-bancorp-hbnc-receives-buy-rating-from-piper-jaffray-companies.html.

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.

Receive News & Ratings for Horizon Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Horizon Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply