Horizon Bancorp (NASDAQ:HBNC) Raised to Buy at BidaskClub

BidaskClub upgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a hold rating to a buy rating in a research note issued to investors on Wednesday, BidAskClub reports.

Separately, Zacks Investment Research upgraded Horizon Bancorp from a sell rating to a hold rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $21.00.

Shares of HBNC traded down $0.18 on Wednesday, reaching $16.90. The stock had a trading volume of 63,333 shares, compared to its average volume of 84,697. The firm has a market capitalization of $784.82 million, a price-to-earnings ratio of 13.31 and a beta of 0.95. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84. The company’s 50-day moving average price is $16.36. Horizon Bancorp has a 12-month low of $14.79 and a 12-month high of $21.48.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Shareholders of record on Friday, July 5th were paid a dividend of $0.12 per share. This is a boost from Horizon Bancorp’s previous quarterly dividend of $0.10. The ex-dividend date was Wednesday, July 3rd. This represents a $0.48 dividend on an annualized basis and a yield of 2.84%. Horizon Bancorp’s payout ratio is presently 37.80%.

In related news, President James D. Neff acquired 3,500 shares of the stock in a transaction on Wednesday, May 29th. The stock was acquired at an average price of $15.77 per share, for a total transaction of $55,195.00. Following the completion of the purchase, the president now owns 253,154 shares of the company’s stock, valued at $3,992,238.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.00% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in the business. BlackRock Inc. raised its stake in Horizon Bancorp by 3.1% during the fourth quarter. BlackRock Inc. now owns 2,264,359 shares of the financial services provider’s stock valued at $35,732,000 after buying an additional 68,067 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Horizon Bancorp by 6.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,659,383 shares of the financial services provider’s stock worth $26,185,000 after purchasing an additional 98,126 shares during the last quarter. Rhenman & Partners Asset Management AB purchased a new position in shares of Horizon Bancorp in the second quarter worth $26,169,000. Geode Capital Management LLC raised its stake in shares of Horizon Bancorp by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 506,969 shares of the financial services provider’s stock worth $7,999,000 after purchasing an additional 5,468 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Horizon Bancorp by 0.3% in the fourth quarter. Northern Trust Corp now owns 452,456 shares of the financial services provider’s stock worth $7,141,000 after purchasing an additional 1,272 shares during the last quarter. Institutional investors and hedge funds own 48.52% of the company’s stock.

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 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.

Featured Story: What is the Quick Ratio?

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.