Horizon Bancorp (HBNC) Downgraded by BidaskClub to Sell

Horizon Bancorp (NASDAQ:HBNC) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

Several other equities analysts have also issued reports on the company. Sandler O’Neill reissued a “hold” rating and set a $29.50 target price on shares of Horizon Bancorp in a research note on Wednesday. Zacks Investment Research raised Horizon Bancorp from a “sell” rating to a “hold” rating and set a $31.00 target price on the stock in a research note on Friday, December 29th. Finally, Piper Jaffray Companies set a $32.00 target price on Horizon Bancorp and gave the stock a “buy” rating in a research note on Friday, October 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Horizon Bancorp currently has an average rating of “Hold” and an average price target of $30.38.

Horizon Bancorp (NASDAQ HBNC) opened at $26.87 on Friday. Horizon Bancorp has a 12 month low of $24.20 and a 12 month high of $29.25. The company has a market capitalization of $682.93, a price-to-earnings ratio of 19.33 and a beta of 0.98. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.26.

Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.41 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.04). Horizon Bancorp had a net margin of 20.03% and a return on equity of 9.58%. The business had revenue of $35.90 million during the quarter, compared to analyst estimates of $37.81 million. sell-side analysts expect that Horizon Bancorp will post 1.61 earnings per share for the current year.

In related news, CEO Craig M. Dwight sold 15,365 shares of the stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $27.42, for a total transaction of $421,308.30. Following the transaction, the chief executive officer now owns 150,625 shares of the company’s stock, valued at approximately $4,130,137.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Craig M. Dwight sold 3,200 shares of the stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $27.06, for a total value of $86,592.00. Following the completion of the sale, the chief executive officer now directly owns 150,625 shares in the company, valued at approximately $4,075,912.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,046 shares of company stock worth $2,072,323. 5.40% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company raised its position in Horizon Bancorp by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,101,483 shares of the financial services provider’s stock valued at $29,024,000 after purchasing an additional 29,557 shares in the last quarter. Vanguard Group Inc. raised its position in Horizon Bancorp by 7.8% in the 2nd quarter. Vanguard Group Inc. now owns 923,226 shares of the financial services provider’s stock valued at $24,326,000 after purchasing an additional 66,713 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Horizon Bancorp by 10.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 678,718 shares of the financial services provider’s stock valued at $19,798,000 after purchasing an additional 65,429 shares in the last quarter. State Street Corp raised its position in Horizon Bancorp by 28.1% in the 2nd quarter. State Street Corp now owns 419,067 shares of the financial services provider’s stock valued at $11,043,000 after purchasing an additional 91,901 shares in the last quarter. Finally, Jacobs Asset Management LLC raised its position in Horizon Bancorp by 20.3% in the 3rd quarter. Jacobs Asset Management LLC now owns 327,846 shares of the financial services provider’s stock valued at $9,563,000 after purchasing an additional 55,429 shares in the last quarter. 44.67% of the stock is currently owned by institutional investors.

TRADEMARK VIOLATION NOTICE: This news story was published by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are accessing this news story on another site, it was copied illegally and reposted in violation of United States and international copyright and trademark law. The correct version of this news story can be read at https://www.chaffeybreeze.com/2018/01/05/horizon-bancorp-hbnc-downgraded-by-bidaskclub-to-sell.html.

About Horizon Bancorp

Horizon Bancorp is a bank holding company. The Company provides a range of banking services in Northern and Central Indiana and Southwestern and Central Michigan through its bank subsidiary, Horizon Bank, N.A. (the Bank) and other affiliated entities and Horizon Risk Management, Inc The Company operates through commercial banking segment.

Receive News & Ratings for Horizon Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Horizon Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply