Horizon Bancorp (NASDAQ:HBNC – Get Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report released Friday to clients and investors, Zacks.com reports.
According to Zacks, “HORIZON BNCP-IN is a bank holding company. Through subsidiaries, it is engaged as a full-service commercial bank providing a wide range of commercial and retail banking, trust and financial services. agency for businesses and individuals, commercial and personal, property and liability insurance services and other services incidental to banking.
Separately, StockNews.com upgraded Horizon Bancorp from a “hold” rating to a “buy” rating in a Thursday, May 5 research report.
HBNC stock traded down $0.25 at midday Friday, hitting $17.89. 88,284 shares were traded, against an average volume of 145,995. The stock has a market capitalization of $779.52 million, a PE ratio of 8.73 and a beta of 1.12. Horizon Bancorp has a 52-week low of $15.66 and a 52-week high of $23.80. The company has a debt ratio of 1.25, a current ratio of 0.65 and a quick ratio of 0.65. The company has a fifty-day moving average price of $18.29 and a 200-day moving average price of $19.87.
Horizon Bancorp Inc (NASDAQ:HBNC – Get Rating) last released quarterly earnings data on Wednesday, April 27. The financial services provider reported earnings per share of $0.54 for the quarter, beating analyst consensus estimates of $0.47 by $0.07. Horizon Bancorp had a return on equity of 13.14% and a net margin of 34.35%. The company posted revenue of $62.33 million for the quarter, versus analyst estimates of $60.20 million. In the same quarter a year earlier, the company posted EPS of $0.46. As a group, analysts expect Horizon Bancorp to post earnings per share of 2.16 for the current fiscal year.
Separately, Chairman James D. Neff sold 11,782 shares of the company in a transaction dated Wednesday, March 2. The stock was sold at an average price of $20.25, for a total value of $238,585.50. The sale was disclosed in a filing with the SEC, accessible via this link. 3.52% of the shares are held by insiders.
Several institutional investors have recently changed their stake in the company. Allworth Financial LP bought a new position in shares of Horizon Bancorp in the first quarter worth about $25,000. Marshall Wace LLP bought a new position in Horizon Bancorp during the first quarter for $26,000. Lazard Asset Management LLC bought a new position in Horizon Bancorp during the fourth quarter worth $29,000. Point72 Hong Kong Ltd bought a new stake in shares of Horizon Bancorp during the first quarter worth $31,000. Finally, Captrust Financial Advisors increased its position in Horizon Bancorp shares by 53.9% during the first quarter. Captrust Financial Advisors now owns 3,399 shares of the financial services provider worth $63,000 after acquiring 1,191 additional shares in the last quarter. 54.39% of the shares are held by hedge funds and other institutional investors.
About Horizon Bancorp (Get a rating)
Horizon Bancorp, Inc operates as a bank holding company for Horizon Bank which provides a range of commercial and retail banking services. The company offers various deposits. It also offers commercial and residential real estate, mortgage warehouse and consumer loans. In addition, the Company provides corporate and individual trust and agency services, investment management and real estate investment trust; and sells various insurance products.
Get a Free Copy of Zacks’ Research Report on Horizon Bancorp (HBNC)
For more information on Zacks Investment Research’s research offerings, visit Zacks.com
This instant news alert was powered by MarketBeat’s storytelling science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $1,000 in Horizon Bancorp right now?
Before you consider Horizon Bancorp, you’ll want to hear this.
MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off… and Horizon Bancorp was not on the list.
Although Horizon Bancorp currently has a “Strong Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the 5 actions here