Horizon Bancorp (HBNC) Stock Rating Reaffirmed by Sandler O’Neill

Horizon Bancorp (NASDAQ:HBNC)‘s stock had its “hold” rating reissued by equities researchers at Sandler O’Neill in a research note issued to investors on Wednesday. They presently have a $29.50 price objective on the financial services provider’s stock. Sandler O’Neill’s target price points to a potential upside of 9.79% from the stock’s current price.

A number of other brokerages also recently weighed in on HBNC. Zacks Investment Research downgraded Horizon Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, September 27th. Piper Jaffray Companies set a $32.00 target price on Horizon Bancorp and gave the company a “buy” rating in a report on Friday, October 6th. Finally, BidaskClub raised Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, December 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $30.38.

Horizon Bancorp (NASDAQ HBNC) traded up $0.07 on Wednesday, hitting $26.87. The stock had a trading volume of 72,400 shares, compared to its average volume of 95,600. Horizon Bancorp has a 52 week low of $24.20 and a 52 week high of $29.25. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market cap of $682.93, a P/E ratio of 19.33 and a beta of 0.98.

Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.41 earnings per share for the quarter, missing the Zacks’ 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 company had revenue of $35.90 million during the quarter, compared to the consensus estimate of $37.81 million. equities analysts forecast that Horizon Bancorp will post 1.61 earnings per share for the current year.

In other news, CFO Mark E. Secor sold 12,135 shares of Horizon Bancorp stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $27.11, for a total transaction of $328,979.85. Following the sale, the chief financial officer now owns 4,648 shares of the company’s stock, valued at approximately $126,007.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michele M. Thompson sold 10,000 shares of Horizon Bancorp stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $27.29, for a total value of $272,900.00. The disclosure for this sale can be found here. Insiders sold a total of 76,046 shares of company stock worth $2,072,323 in the last ninety days. Insiders own 5.40% of the company’s stock.

Several large investors have recently made changes to their positions in HBNC. Credit Suisse AG grew its holdings in shares of Horizon Bancorp by 5.0% during the 1st quarter. Credit Suisse AG now owns 12,139 shares of the financial services provider’s stock worth $319,000 after purchasing an additional 573 shares in the last quarter. Sei Investments Co. bought a new position in Horizon Bancorp in the 2nd quarter valued at $356,000. Schwab Charles Investment Management Inc. raised its position in Horizon Bancorp by 24.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 37,250 shares of the financial services provider’s stock valued at $982,000 after purchasing an additional 7,400 shares during the last quarter. First Trust Advisors LP raised its position in Horizon Bancorp by 49.6% in the 2nd quarter. First Trust Advisors LP now owns 86,122 shares of the financial services provider’s stock valued at $2,269,000 after purchasing an additional 28,543 shares during the last quarter. Finally, Rhumbline Advisers raised its position in Horizon Bancorp by 6.9% in the 2nd quarter. Rhumbline Advisers now owns 24,527 shares of the financial services provider’s stock valued at $646,000 after purchasing an additional 1,590 shares during the last quarter. 44.67% of the stock is currently owned by institutional investors.

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Horizon Bancorp Company Profile

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.

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