Horizon Bancorp (NASDAQ:HBNC) Downgraded by BidaskClub to Strong Sell

BidaskClub cut shares of Horizon Bancorp (NASDAQ:HBNC) from a sell rating to a strong sell rating in a research report released on Thursday, BidAskClub reports.

Other equities research analysts have also issued research reports about the company. ValuEngine lowered Horizon Bancorp from a sell rating to a strong sell rating in a research note on Monday, August 3rd. Zacks Investment Research lowered Horizon Bancorp from a buy rating to a hold rating in a research note on Thursday, August 20th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $13.25.

NASDAQ:HBNC opened at $10.35 on Thursday. The firm has a market capitalization of $468.14 million, a price-to-earnings ratio of 7.09 and a beta of 1.32. Horizon Bancorp has a 52-week low of $7.42 and a 52-week high of $19.48. The stock has a fifty day moving average of $10.88 and a 200 day moving average of $10.51. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.96 and a current ratio of 0.96.

Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.10. Horizon Bancorp had a return on equity of 10.12% and a net margin of 25.36%. The firm had revenue of $54.12 million during the quarter, compared to analyst estimates of $52.50 million. Equities analysts forecast that Horizon Bancorp will post 1.32 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, October 2nd will be issued a $0.12 dividend. The ex-dividend date is Thursday, October 1st. This represents a $0.48 annualized dividend and a dividend yield of 4.64%. Horizon Bancorp’s dividend payout ratio is currently 29.27%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in HBNC. Marshall Wace LLP purchased a new position in shares of Horizon Bancorp in the first quarter worth about $26,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Horizon Bancorp by 82.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,722 shares of the financial services provider’s stock worth $37,000 after buying an additional 1,684 shares during the period. Captrust Financial Advisors purchased a new position in shares of Horizon Bancorp in the second quarter worth about $50,000. Woodley Farra Manion Portfolio Management Inc. increased its holdings in shares of Horizon Bancorp by 55.9% in the second quarter. Woodley Farra Manion Portfolio Management Inc. now owns 8,505 shares of the financial services provider’s stock worth $91,000 after buying an additional 3,050 shares during the period. Finally, Hancock Whitney Corp purchased a new position in Horizon Bancorp during the 1st quarter valued at about $106,000. Hedge funds and other institutional investors own 51.93% 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 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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