ValuEngine Lowers Horizon Bancorp (NASDAQ:HBNC) to Sell

Horizon Bancorp (NASDAQ:HBNC) was downgraded by ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, September 12th.

HBNC has been the subject of a number of other research reports. BidaskClub downgraded Horizon Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, July 27th. Zacks Investment Research downgraded Horizon Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Finally, Stephens reiterated a “buy” rating and set a $24.00 price target on shares of Horizon Bancorp in a research note on Friday, July 27th. Two analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Horizon Bancorp presently has a consensus rating of “Hold” and an average price target of $22.50.

Shares of HBNC traded down $0.14 during trading hours on Wednesday, hitting $19.13. The stock had a trading volume of 53,415 shares, compared to its average volume of 100,295. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market cap of $757.66 million, a PE ratio of 18.75 and a beta of 0.90. Horizon Bancorp has a 1-year low of $17.07 and a 1-year high of $22.13.

Horizon Bancorp (NASDAQ:HBNC) last issued its earnings results on Wednesday, July 25th. The financial services provider reported $0.37 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.02. The company had revenue of $42.48 million during the quarter, compared to the consensus estimate of $42.33 million. Horizon Bancorp had a return on equity of 10.03% and a net margin of 23.28%. Analysts expect that Horizon Bancorp will post 1.47 EPS for the current fiscal year.

In other news, insider Dennis Kuhn sold 5,841 shares of the business’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $20.72, for a total transaction of $121,025.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Larry N. Middleton sold 2,500 shares of the business’s stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $20.69, for a total transaction of $51,725.00. The disclosure for this sale can be found here. Insiders own 4.60% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in Horizon Bancorp in the second quarter worth $187,000. Russell Investments Group Ltd. grew its position in Horizon Bancorp by 50.0% in the second quarter. Russell Investments Group Ltd. now owns 9,833 shares of the financial services provider’s stock worth $203,000 after acquiring an additional 3,278 shares in the last quarter. AMI Investment Management Inc. bought a new stake in Horizon Bancorp in the second quarter worth $223,000. Barclays PLC lifted its stake in Horizon Bancorp by 115.6% in the first quarter. Barclays PLC now owns 7,859 shares of the financial services provider’s stock worth $236,000 after purchasing an additional 4,214 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY lifted its stake in Horizon Bancorp by 50.0% in the second quarter. Metropolitan Life Insurance Co. NY now owns 11,660 shares of the financial services provider’s stock worth $241,000 after purchasing an additional 3,887 shares during the last quarter. Hedge funds and other institutional investors own 52.67% of the company’s stock.

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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