Horizon Bancorp (NASDAQ:HBNC) Downgraded to Hold at StockNews.com

Horizon Bancorp (NASDAQ:HBNCGet Rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.

Separately, Zacks Investment Research upgraded Horizon Bancorp from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research report on Friday, April 1st.

Shares of HBNC traded up $0.08 during midday trading on Monday, reaching $18.51. The company had a trading volume of 192,752 shares, compared to its average volume of 150,324. The business has a 50 day simple moving average of $19.92. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market capitalization of $806.35 million, a PE ratio of 9.40 and a beta of 1.15. Horizon Bancorp has a 1-year low of $15.66 and a 1-year high of $23.80.

Horizon Bancorp (NASDAQ:HBNCGet Rating) last posted its earnings results on Wednesday, January 26th. The financial services provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $62.80 million during the quarter, compared to analysts’ expectations of $62.90 million. Horizon Bancorp had a return on equity of 12.64% and a net margin of 33.76%. During the same quarter in the previous year, the business earned $0.52 earnings per share. On average, sell-side analysts predict that Horizon Bancorp will post 2.09 EPS for the current year.

In other Horizon Bancorp news, President James D. Neff sold 11,782 shares of the company’s stock in a transaction that occurred on Wednesday, March 2nd. The stock was sold at an average price of $20.25, for a total value of $238,585.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President James D. Neff sold 5,000 shares of the stock in a transaction that occurred on Thursday, January 13th. The stock was sold at an average price of $22.00, for a total value of $110,000.00. The disclosure for this sale can be found here. 3.52% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. Marshall Wace LLP acquired a new stake in shares of Horizon Bancorp in the 1st quarter valued at about $26,000. Morgan Stanley grew its holdings in Horizon Bancorp by 134.9% during the second quarter. Morgan Stanley now owns 115,455 shares of the financial services provider’s stock worth $2,012,000 after purchasing an additional 66,297 shares during the period. Citadel Advisors LLC boosted its holdings in shares of Horizon Bancorp by 96.0% during the second quarter. Citadel Advisors LLC now owns 26,297 shares of the financial services provider’s stock worth $458,000 after acquiring an additional 12,883 shares during the period. Millennium Management LLC bought a new stake in shares of Horizon Bancorp during the second quarter worth approximately $329,000. Finally, Wells Fargo & Company MN raised its position in shares of Horizon Bancorp by 4.5% in the second quarter. Wells Fargo & Company MN now owns 124,711 shares of the financial services provider’s stock valued at $2,174,000 after buying an additional 5,351 shares in the last quarter. 53.67% of the stock is currently owned by institutional investors.

Horizon Bancorp Company Profile (Get Rating)

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that provides a range of commercial and retail banking services. The company offers various deposits. It also provides commercial, residential real estate, mortgage warehouse, and consumer loans. In addition, the company offers corporate and individual trust and agency, investment management, and real estate investment trust services; and sells various insurance products.

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