Brokerages Set Horizon Bancorp Inc (HBNC) PT at $22.50

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Horizon Bancorp Inc (NASDAQ:HBNC) has received a consensus recommendation of “Hold” from the six ratings firms that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $22.50.

A number of brokerages recently weighed in on HBNC. BidaskClub downgraded shares of Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, July 27th. Stephens reiterated a “buy” rating and issued a $24.00 price target on shares of Horizon Bancorp in a research report on Friday, July 27th. Zacks Investment Research upgraded shares of Horizon Bancorp from a “sell” rating to a “hold” rating and set a $24.00 price target on the stock in a research report on Wednesday, August 1st. Finally, ValuEngine downgraded shares of Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, September 12th.

In related news, insider Dennis Kuhn sold 5,841 shares of the stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $20.72, for a total transaction of $121,025.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Larry N. Middleton sold 2,500 shares of the stock in a transaction that occurred on Tuesday, August 28th. The stock was 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. 4.60% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tradition Capital Management LLC increased its stake in Horizon Bancorp by 47.8% during the 2nd quarter. Tradition Capital Management LLC now owns 90,587 shares of the financial services provider’s stock worth $1,874,000 after purchasing an additional 29,285 shares in the last quarter. Swiss National Bank increased its stake in Horizon Bancorp by 63.0% during the 2nd quarter. Swiss National Bank now owns 65,850 shares of the financial services provider’s stock worth $1,362,000 after purchasing an additional 25,450 shares in the last quarter. US Bancorp DE increased its stake in Horizon Bancorp by 50.0% during the 2nd quarter. US Bancorp DE now owns 13,725 shares of the financial services provider’s stock worth $284,000 after purchasing an additional 4,575 shares in the last quarter. Wells Fargo & Company MN increased its stake in Horizon Bancorp by 4.3% during the 1st quarter. Wells Fargo & Company MN now owns 70,700 shares of the financial services provider’s stock worth $2,122,000 after purchasing an additional 2,944 shares in the last quarter. Finally, Valeo Financial Advisors LLC increased its stake in Horizon Bancorp by 45.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 40,324 shares of the financial services provider’s stock worth $831,000 after purchasing an additional 12,646 shares in the last quarter. 52.67% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:HBNC traded down $0.40 during mid-day trading on Wednesday, reaching $18.25. The stock had a trading volume of 107,503 shares, compared to its average volume of 100,002. The company has a market capitalization of $757.66 million, a price-to-earnings ratio of 17.89 and a beta of 0.90. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.99 and a quick ratio of 0.99. Horizon Bancorp has a twelve month low of $17.07 and a twelve month high of $22.13.

Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings results on Wednesday, July 25th. The financial services provider reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. The business had revenue of $42.48 million for the quarter, compared to the consensus estimate of $42.33 million. Horizon Bancorp had a net margin of 23.28% and a return on equity of 10.03%. Equities research analysts expect that Horizon Bancorp will post 1.47 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 19th. Investors of record on Friday, October 5th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $0.40 dividend on an annualized basis and a yield of 2.19%. Horizon Bancorp’s payout ratio is 39.22%.

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.

Read More: Price to Earnings Ratio (PE)

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