Horizon Bancorp (HBNC) Upgraded to “Hold” by BidaskClub

BidaskClub upgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning, BidAskClub reports.

A number of other analysts have also weighed in on the stock. Zacks Investment Research raised shares of Horizon Bancorp from a sell rating to a hold rating in a research note on Wednesday, April 10th. ValuEngine raised shares of Horizon Bancorp from a strong sell rating to a sell rating in a research note on Saturday, February 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Horizon Bancorp presently has a consensus rating of Hold and a consensus target price of $21.00.

Shares of HBNC opened at $16.84 on Tuesday. The firm has a market cap of $756.55 million, a PE ratio of 13.26 and a beta of 0.99. Horizon Bancorp has a 12-month low of $14.79 and a 12-month high of $22.13. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.20.

Horizon Bancorp (NASDAQ:HBNC) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. The firm had revenue of $42.99 million during the quarter, compared to analyst estimates of $41.93 million. Horizon Bancorp had a net margin of 24.71% and a return on equity of 10.87%. Analysts predict that Horizon Bancorp will post 1.54 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 19th. Investors of record on Friday, April 5th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date was Thursday, April 4th. Horizon Bancorp’s dividend payout ratio (DPR) is presently 31.50%.

A number of large investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers lifted its stake in Horizon Bancorp by 1.3% in the first quarter. Rhumbline Advisers now owns 54,380 shares of the financial services provider’s stock worth $875,000 after acquiring an additional 701 shares during the period. Prudential Financial Inc. lifted its position in shares of Horizon Bancorp by 3.3% during the fourth quarter. Prudential Financial Inc. now owns 30,226 shares of the financial services provider’s stock valued at $477,000 after buying an additional 956 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Horizon Bancorp by 18.8% during the fourth quarter. Legal & General Group Plc now owns 6,955 shares of the financial services provider’s stock valued at $109,000 after buying an additional 1,100 shares during the last quarter. Northern Trust Corp lifted its position in shares of Horizon Bancorp by 0.3% during the fourth quarter. Northern Trust Corp now owns 452,456 shares of the financial services provider’s stock valued at $7,141,000 after buying an additional 1,272 shares during the last quarter. Finally, Citigroup Inc. lifted its position in shares of Horizon Bancorp by 18.3% during the fourth quarter. Citigroup Inc. now owns 11,782 shares of the financial services provider’s stock valued at $186,000 after buying an additional 1,821 shares during the last quarter. 45.53% of the stock is 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 demand and time deposits. Its loan portfolio comprises commercial, residential real estate, mortgage warehouse, and consumer loans. The company also provides corporate and individual trust and agency, investment management, and real estate investment trust services; and sells various insurance products.

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