Horizon Bancorp (NASDAQ:HBNC) Stock Rating Upgraded by Zacks Investment Research
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. “
Several other brokerages also recently commented on HBNC. ValuEngine downgraded Horizon Bancorp from a sell rating to a strong sell rating in a research note on Friday, March 15th. BidaskClub downgraded Horizon Bancorp from a hold rating to a sell rating in a research note on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have given 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 price target of $21.00.
Horizon Bancorp (NASDAQ:HBNC) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.01. The company had revenue of $42.99 million during the quarter, compared to the consensus estimate of $41.93 million. Horizon Bancorp had a return on equity of 10.18% and a net margin of 24.71%. Equities research analysts predict that Horizon Bancorp will post 1.52 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 19th. Investors of record on Friday, July 5th will be given a $0.12 dividend. This is a boost from Horizon Bancorp’s previous quarterly dividend of $0.10. The ex-dividend date is Wednesday, July 3rd. This represents a $0.48 annualized dividend and a yield of 3.02%. Horizon Bancorp’s dividend payout ratio (DPR) is presently 31.50%.
In other Horizon Bancorp news, President James D. Neff purchased 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The shares were acquired at an average price of $15.77 per share, with a total value of $55,195.00. Following the transaction, the president now owns 253,154 shares in the company, valued at $3,992,238.58. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.00% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in HBNC. Dimensional Fund Advisors LP lifted its position in Horizon Bancorp by 6.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,659,383 shares of the financial services provider’s stock valued at $26,185,000 after acquiring an additional 98,126 shares in the last quarter. BlackRock Inc. lifted its position in Horizon Bancorp by 3.1% in the 4th quarter. BlackRock Inc. now owns 2,264,359 shares of the financial services provider’s stock valued at $35,732,000 after acquiring an additional 68,067 shares in the last quarter. Pacific Ridge Capital Partners LLC lifted its position in Horizon Bancorp by 20.5% in the 1st quarter. Pacific Ridge Capital Partners LLC now owns 264,715 shares of the financial services provider’s stock valued at $4,259,000 after acquiring an additional 45,043 shares in the last quarter. Tradition Capital Management LLC lifted its position in Horizon Bancorp by 44.2% in the 1st quarter. Tradition Capital Management LLC now owns 143,954 shares of the financial services provider’s stock valued at $2,316,000 after acquiring an additional 44,118 shares in the last quarter. Finally, California Public Employees Retirement System lifted its position in Horizon Bancorp by 49.6% in the 1st quarter. California Public Employees Retirement System now owns 88,314 shares of the financial services provider’s stock valued at $1,421,000 after acquiring an additional 29,263 shares in the last quarter. 46.10% of the stock is currently owned by institutional investors and hedge funds.
About Horizon Bancorp
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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