Horizon Bancorp (NASDAQ:HBNC) Rating Lowered to Sell at Zacks Investment Research

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Zacks Investment Research cut shares of Horizon Bancorp (NASDAQ:HBNC) from a hold rating to a sell rating in a research note released on Tuesday, Zacks.com reports.

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. “

Separately, BidaskClub lowered Waterstone Financial from a hold rating to a sell rating in a report on Friday, June 21st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $21.00.

Shares of NASDAQ HBNC traded up $0.15 during trading hours on Tuesday, reaching $16.16. The stock had a trading volume of 60,200 shares, compared to its average volume of 83,215. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.84. The firm has a market cap of $721.29 million, a price-to-earnings ratio of 12.72 and a beta of 0.95. The company has a fifty day moving average price of $16.03. Horizon Bancorp has a 52-week low of $14.79 and a 52-week high of $21.60.

Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 10.18% and a net margin of 24.71%. As a group, equities research analysts anticipate that Horizon Bancorp will post 1.51 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 19th. Investors of record on Friday, July 5th will be issued a $0.12 dividend. This is a positive change from Horizon Bancorp’s previous quarterly dividend of $0.10. The ex-dividend date is Wednesday, July 3rd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.97%. Horizon Bancorp’s payout ratio is presently 37.80%.

In other news, President James D. Neff purchased 3,500 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average price of $15.77 per share, for a total transaction of $55,195.00. Following the completion of the acquisition, the president now owns 253,154 shares of the company’s stock, valued at $3,992,238.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.00% of the stock is currently owned by insiders.

Institutional investors have recently bought and sold shares of the business. Stifel Financial Corp lifted its holdings in Horizon Bancorp by 9.0% during the fourth quarter. Stifel Financial Corp now owns 53,447 shares of the financial services provider’s stock worth $843,000 after buying an additional 4,408 shares during the period. Pacific Ridge Capital Partners LLC lifted its stake 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 buying an additional 45,043 shares in the last quarter. Metropolitan Life Insurance Co. NY lifted its stake in Horizon Bancorp by 328.0% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 11,659 shares of the financial services provider’s stock valued at $184,000 after buying an additional 8,935 shares in the last quarter. Legal & General Group Plc lifted its stake in Horizon Bancorp by 18.8% in the 4th 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 in the last quarter. Finally, Rhumbline Advisers lifted its stake in Horizon Bancorp by 1.3% in the 1st quarter. Rhumbline Advisers now owns 54,380 shares of the financial services provider’s stock valued at $875,000 after buying an additional 701 shares in the last quarter. Institutional investors own 46.11% of the company’s stock.

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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