Horizon Bancorp Inc (NASDAQ:HBNC) – Investment analysts at Piper Jaffray Companies raised their FY2019 earnings per share estimates for Horizon Bancorp in a report issued on Thursday, November 1st. Piper Jaffray Companies analyst N. Race now anticipates that the financial services provider will post earnings of $1.61 per share for the year, up from their prior estimate of $1.57. Piper Jaffray Companies also issued estimates for Horizon Bancorp’s Q1 2020 earnings at $0.41 EPS, Q2 2020 earnings at $0.44 EPS, Q3 2020 earnings at $0.46 EPS and FY2020 earnings at $1.79 EPS.
HBNC has been the subject of several other research reports. Zacks Investment Research upgraded Horizon Bancorp from a “sell” rating to a “hold” rating and set a $24.00 target price for the company in a research note on Wednesday, August 1st. BidaskClub downgraded Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, July 27th. Stephens reiterated a “buy” rating and issued a $24.00 price objective on shares of Horizon Bancorp in a research report on Friday, July 27th. ValuEngine downgraded Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, September 12th. Finally, Raymond James reduced their price objective on Horizon Bancorp from $23.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $22.00.
Horizon Bancorp (NASDAQ:HBNC) last announced its earnings results on Monday, October 29th. The financial services provider reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.06). Horizon Bancorp had a net margin of 24.49% and a return on equity of 10.36%. The business had revenue of $42.46 million for the quarter, compared to the consensus estimate of $43.43 million.
Several institutional investors and hedge funds have recently modified their holdings of HBNC. SG Americas Securities LLC acquired a new position in shares of Horizon Bancorp in the 2nd quarter worth approximately $187,000. Russell Investments Group Ltd. raised its holdings in shares of Horizon Bancorp by 50.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 9,833 shares of the financial services provider’s stock worth $203,000 after buying an additional 3,278 shares in the last quarter. AMI Investment Management Inc. acquired a new position in shares of Horizon Bancorp in the 2nd quarter worth approximately $223,000. Barclays PLC raised its holdings in shares of Horizon Bancorp by 115.6% in the 1st quarter. Barclays PLC now owns 7,859 shares of the financial services provider’s stock worth $236,000 after buying an additional 4,214 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY raised its holdings in shares of Horizon Bancorp by 50.0% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 11,660 shares of the financial services provider’s stock worth $241,000 after buying an additional 3,887 shares in the last quarter. 52.80% of the stock is owned by institutional investors and hedge funds.
In other Horizon Bancorp news, Director Larry N. Middleton sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 28th. The stock was sold at an average price of $20.69, for a total value of $51,725.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Dennis Kuhn sold 5,841 shares of the firm’s stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $20.72, for a total value of $121,025.52. The disclosure for this sale can be found here. 4.60% of the stock is currently owned by company insiders.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Shareholders of record on Friday, October 5th were given a $0.10 dividend. The ex-dividend date was Thursday, October 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.32%. Horizon Bancorp’s dividend payout ratio is currently 39.22%.
About Horizon Bancorp
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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