Horizon Bancorp (HBNC) Upgraded at ValuEngine

Horizon Bancorp (NASDAQ:HBNC) was upgraded by stock analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other research firms have also recently commented on HBNC. BidaskClub cut shares of Horizon Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, January 5th. Zacks Investment Research cut shares of Horizon Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. Piper Jaffray Companies reiterated a “buy” rating and issued a $35.00 target price 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 target price on shares of Horizon Bancorp in a research note on Wednesday, January 3rd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $30.88.

Horizon Bancorp (NASDAQ:HBNC) traded down $0.25 during mid-day trading on Friday, reaching $30.39. 79,057 shares of the company were exchanged, compared to its average volume of 107,883. The firm has a market cap of $782.82, a PE ratio of 21.10 and a beta of 1.05. 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 has a one year low of $24.20 and a one year high of $30.89.

Horizon Bancorp (NASDAQ:HBNC) last released its earnings results on Wednesday, January 24th. The financial services provider reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.06). The company had revenue of $40.80 million during 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%. sell-side analysts anticipate that Horizon Bancorp will post 2.16 earnings per share for the current year.

In other Horizon Bancorp news, 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 transaction of $86,592.00. Following the completion of the sale, the chief executive officer now directly owns 150,625 shares in the company, valued at approximately $4,075,912.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Mark E. Secor sold 12,135 shares of Horizon Bancorp stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $27.11, for a total transaction of $328,979.85. Following the sale, the chief financial officer now owns 4,648 shares of the company’s stock, valued at $126,007.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,681 shares of company stock valued at $1,651,015. Company insiders own 5.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in HBNC. Comerica Bank lifted its stake in Horizon Bancorp by 576.9% during the 3rd quarter. Comerica Bank now owns 156,531 shares of the financial services provider’s stock valued at $4,267,000 after acquiring an additional 133,406 shares during the period. Rothschild Asset Management Inc. acquired a new stake in Horizon Bancorp during the 3rd quarter valued at approximately $2,921,000. State Street Corp lifted its stake in Horizon Bancorp by 28.1% during the 2nd quarter. State Street Corp now owns 419,067 shares of the financial services provider’s stock valued at $11,043,000 after acquiring an additional 91,901 shares during the period. Vanguard Group Inc. lifted its stake in Horizon Bancorp by 7.8% during the 2nd quarter. Vanguard Group Inc. now owns 923,226 shares of the financial services provider’s stock valued at $24,326,000 after acquiring an additional 66,713 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in 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 acquiring an additional 65,429 shares during the period. Institutional investors and hedge funds own 44.74% 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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