Horizon Bancorp (NASDAQ:HBNC) Lifted to “Buy” at StockNews.com

Horizon Bancorp (NASDAQ:HBNCGet Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report issued on Thursday.

Separately, Zacks Investment Research upgraded shares of Horizon Bancorp from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research note on Friday, April 1st.

HBNC opened at $18.25 on Thursday. The company’s 50 day moving average is $19.18 and its 200-day moving average is $20.08. Horizon Bancorp has a 1-year low of $15.66 and a 1-year high of $23.80. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 1.09. The company has a market cap of $795.02 million, a P/E ratio of 8.90 and a beta of 1.11.

Horizon Bancorp (NASDAQ:HBNCGet Rating) last issued its quarterly earnings data on Wednesday, April 27th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.07. Horizon Bancorp had a net margin of 34.35% and a return on equity of 12.97%. During the same period last year, the firm posted $0.46 earnings per share. On average, equities analysts forecast that Horizon Bancorp will post 2.1 EPS for the current year.

In other news, President James D. Neff sold 11,782 shares of the company’s stock in a transaction dated Wednesday, March 2nd. The stock was sold at an average price of $20.25, for a total transaction of $238,585.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 3.52% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP bought a new position in shares of Horizon Bancorp during the first quarter valued at approximately $25,000. Marshall Wace LLP purchased a new position in Horizon Bancorp in the first quarter worth about $26,000. Lazard Asset Management LLC purchased a new position in Horizon Bancorp in the fourth quarter worth about $29,000. Comprehensive Financial Consultants Institutional Inc. bought a new position in shares of Horizon Bancorp in the fourth quarter worth about $64,000. Finally, Reilly Financial Advisors LLC bought a new position in shares of Horizon Bancorp in the fourth quarter worth about $70,000. 54.39% of the stock is owned by institutional investors and hedge funds.

About Horizon Bancorp (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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