Zacks Investment Research Upgrades Horizon Bancorp (HBNC) to “Buy”

Horizon Bancorp (NASDAQ:HBNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, August 7th. The brokerage presently has a $23.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.58% from the stock’s current price.

According to Zacks, “HORIZON BNCP-IN is a bank holding company. Through subsidiaries, they are engaged as a full-service commercial bank offering a broad range of commercial and retail banking services, corporate and individual trust and agency services, commercial and personal property and casualty insurance services and other services incident to banking. “

HBNC has been the topic of a number of other reports. BidaskClub upgraded Horizon Bancorp from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 6th. Stephens reiterated a “buy” rating and set a $24.00 target price on shares of Horizon Bancorp in a research report on Friday, July 27th. Finally, ValuEngine cut Horizon Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Horizon Bancorp presently has an average rating of “Hold” and a consensus price target of $22.50.

NASDAQ:HBNC traded up $0.08 during midday trading on Tuesday, reaching $20.43. The company had a trading volume of 29,600 shares, compared to its average volume of 102,820. The firm has a market cap of $789.50 million, a PE ratio of 20.02 and a beta of 1.01. Horizon Bancorp has a 12-month low of $16.67 and a 12-month high of $22.13. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.20.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, July 25th. The financial services provider reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.02. Horizon Bancorp had a return on equity of 10.03% and a net margin of 23.28%. The company had revenue of $42.48 million for the quarter, compared to analysts’ expectations of $42.33 million. equities analysts forecast that Horizon Bancorp will post 1.46 EPS for the current year.

In related news, insider Dennis Kuhn sold 5,841 shares of the business’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $20.72, for a total value of $121,025.52. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Larry N. Middleton sold 2,500 shares of the business’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $20.69, for a total value of $51,725.00. The disclosure for this sale can be found here. Insiders have sold 11,425 shares of company stock worth $273,258 in the last quarter. Insiders own 4.60% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its holdings in Horizon Bancorp by 66.7% in the 2nd quarter. BlackRock Inc. now owns 2,162,231 shares of the financial services provider’s stock valued at $44,735,000 after purchasing an additional 864,841 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Horizon Bancorp by 61.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,459,492 shares of the financial services provider’s stock valued at $30,197,000 after purchasing an additional 557,868 shares in the last quarter. PL Capital Advisors LLC boosted its holdings in Horizon Bancorp by 50.0% in the 2nd quarter. PL Capital Advisors LLC now owns 1,333,712 shares of the financial services provider’s stock valued at $27,595,000 after purchasing an additional 444,570 shares in the last quarter. Epoch Investment Partners Inc. boosted its holdings in Horizon Bancorp by 42.6% in the 2nd quarter. Epoch Investment Partners Inc. now owns 1,107,627 shares of the financial services provider’s stock valued at $22,917,000 after purchasing an additional 330,742 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Horizon Bancorp by 1.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,052,950 shares of the financial services provider’s stock valued at $31,599,000 after purchasing an additional 15,266 shares in the last quarter. 52.77% of the stock is currently owned by institutional investors.

Horizon Bancorp Company Profile

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that provides commercial and retail banking services. The company offers non-interest bearing and interest-bearing demand deposits, savings accounts, money market deposits, and time deposits. Its loan portfolio comprises commercial, financial, agricultural, and commercial tax-exempt loans; and real estate, mortgage warehouse, and consumer loans.

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