Horizon Bancorp (NASDAQ:HBNC) Downgraded by StockNews.com

StockNews.com lowered shares of Horizon Bancorp (NASDAQ:HBNC) from a hold rating to a sell rating in a research report released on Saturday.

HBNC has been the topic of a number of other reports. Piper Sandler raised their price target on shares of Horizon Bancorp from $13.00 to $18.00 and gave the company a neutral rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods lifted their target price on Horizon Bancorp from $14.00 to $16.00 and gave the company a market perform rating in a research report on Monday, July 29th.

Horizon Bancorp Stock Performance

Shares of Horizon Bancorp stock opened at $15.51 on Friday. The business has a 50-day moving average price of $14.70 and a two-hundred day moving average price of $13.01. Horizon Bancorp has a 1-year low of $9.22 and a 1-year high of $16.62. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 2.02. The company has a market cap of $677.94 million, a P/E ratio of 28.72 and a beta of 1.04.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. The firm had revenue of $97.47 million for the quarter, compared to analysts’ expectations of $55.03 million. Horizon Bancorp had a return on equity of 8.17% and a net margin of 5.50%. During the same period in the prior year, the business earned $0.41 EPS. As a group, analysts anticipate that Horizon Bancorp will post 1.38 EPS for the current year.

Horizon Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Investors of record on Friday, July 5th were paid a $0.16 dividend. The ex-dividend date of this dividend was Friday, July 5th. This represents a $0.64 dividend on an annualized basis and a yield of 4.13%. Horizon Bancorp’s dividend payout ratio is 118.52%.

Institutional Trading of Horizon Bancorp

A number of institutional investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC bought a new stake in Horizon Bancorp during the 2nd quarter worth approximately $150,000. Pathway Financial Advisers LLC grew its position in shares of Horizon Bancorp by 44.1% during the 2nd quarter. Pathway Financial Advisers LLC now owns 8,956 shares of the financial services provider’s stock valued at $111,000 after purchasing an additional 2,740 shares in the last quarter. Creative Planning increased its holdings in shares of Horizon Bancorp by 21.7% in the second quarter. Creative Planning now owns 51,524 shares of the financial services provider’s stock worth $637,000 after purchasing an additional 9,183 shares during the period. Mackenzie Financial Corp purchased a new stake in shares of Horizon Bancorp in the second quarter worth $133,000. Finally, AQR Capital Management LLC boosted its stake in Horizon Bancorp by 11.9% during the second quarter. AQR Capital Management LLC now owns 478,205 shares of the financial services provider’s stock valued at $5,915,000 after buying an additional 50,666 shares during the period. Hedge funds and other institutional investors own 64.51% of the company’s stock.

About Horizon Bancorp

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that engages in the provision of commercial and retail banking services. The company offers checking, saving, money market, certificate of deposits, individual retirement accounts, and time deposits, as well as non-interest- and interest-bearing demand deposits.