Horizon Bancorp Inc (HBNC) Receives $22.50 Average Price Target from Brokerages

Horizon Bancorp Inc (NASDAQ:HBNC) has received an average rating of “Hold” from the six analysts that are presently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and three have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $22.50.

A number of brokerages have recently issued reports on HBNC. Zacks Investment Research cut Horizon Bancorp from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. BidaskClub cut Horizon Bancorp from a “hold” rating to a “sell” rating in a report on Friday, July 27th. Stephens reissued a “buy” rating and issued a $24.00 target price on shares of Horizon Bancorp in a report on Friday, July 27th. Finally, ValuEngine cut Horizon Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, September 12th.

Shares of HBNC stock traded up $0.17 during mid-day trading on Wednesday, reaching $18.42. The stock had a trading volume of 52,743 shares, compared to its average volume of 99,764. 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 has a one year low of $17.07 and a one year high of $22.13. The company has a market capitalization of $757.66 million, a P/E ratio of 18.05 and a beta of 0.90.

Horizon Bancorp (NASDAQ:HBNC) last issued its earnings results on Wednesday, July 25th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping 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 business had revenue of $42.48 million during the quarter, compared to analysts’ expectations of $42.33 million. Sell-side analysts predict that Horizon Bancorp will post 1.47 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 19th. Stockholders of record on Friday, October 5th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.17%. Horizon Bancorp’s payout ratio is presently 39.22%.

In related news, insider Dennis Kuhn sold 5,841 shares of the firm’s stock in a transaction 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 link. Also, Director Larry N. Middleton sold 2,500 shares of the firm’s stock in a transaction on 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. Corporate insiders own 4.60% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN increased its stake in shares of Horizon Bancorp by 4.3% in the 1st quarter. Wells Fargo & Company MN now owns 70,700 shares of the financial services provider’s stock valued at $2,122,000 after buying an additional 2,944 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of Horizon Bancorp by 11.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 117,199 shares of the financial services provider’s stock valued at $3,518,000 after buying an additional 12,328 shares during the period. Northern Trust Corp increased its stake in shares of Horizon Bancorp by 0.8% in the 1st quarter. Northern Trust Corp now owns 263,338 shares of the financial services provider’s stock valued at $7,903,000 after buying an additional 2,008 shares during the period. BlackRock Inc. increased its stake in shares of Horizon Bancorp by 0.8% in the 1st quarter. BlackRock Inc. now owns 1,297,390 shares of the financial services provider’s stock valued at $38,935,000 after buying an additional 10,427 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Horizon Bancorp by 18.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 901,624 shares of the financial services provider’s stock valued at $27,058,000 after buying an additional 140,749 shares during the period. 52.67% of the stock is owned by hedge funds and other 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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