Investment analysts at Piper Jaffray Cos. assumed coverage on shares of Horizon Bancorp (NASDAQ:HBNC) in a report issued on Thursday. The firm set an “overweight” rating and a $33.50 price target on the financial services provider’s stock. Piper Jaffray Cos.’s price target would indicate a potential upside of 12.91% from the stock’s previous close.
Several other research analysts have also recently issued reports on the company. Zacks Investment Research cut Horizon Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, October 3rd. Keefe, Bruyette & Woods lifted their target price on Horizon Bancorp from $29.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, July 28th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $31.13.
Shares of Horizon Bancorp (NASDAQ:HBNC) opened at 29.67 on Thursday. The stock’s 50 day moving average price is $28.53 and its 200 day moving average price is $26.07. Horizon Bancorp has a 12-month low of $21.92 and a 12-month high of $30.08. The firm has a market capitalization of $438.40 million, a price-to-earnings ratio of 16.22 and a beta of 0.49.
Horizon Bancorp (NASDAQ:HBNC) last announced its earnings results on Wednesday, July 27th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.02. Horizon Bancorp had a return on equity of 9.48% and a net margin of 17.13%. Equities research analysts expect that Horizon Bancorp will post $2.12 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Friday, October 7th will be issued a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 5th. This represents a $0.60 dividend on an annualized basis and a yield of 2.02%. Horizon Bancorp’s dividend payout ratio (DPR) is currently 32.79%.
In related news, insider Thomas H. Edwards sold 10,000 shares of Horizon Bancorp stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $27.65, for a total transaction of $276,500.00. Following the sale, the insider now directly owns 10,097 shares in the company, valued at $279,182.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 7.70% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Wellington Management Group LLP raised its stake in shares of Horizon Bancorp by 215.2% in the first quarter. Wellington Management Group LLP now owns 410,474 shares of the financial services provider’s stock worth $10,146,000 after buying an additional 280,256 shares during the period. Deprince Race & Zollo Inc. purchased a new stake in shares of Horizon Bancorp during the second quarter valued at about $1,302,000. Amica Mutual Insurance Co. raised its stake in shares of Horizon Bancorp by 76.7% in the second quarter. Amica Mutual Insurance Co. now owns 79,656 shares of the financial services provider’s stock valued at $2,003,000 after buying an additional 34,586 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Horizon Bancorp by 10.2% in the second quarter. Dimensional Fund Advisors LP now owns 301,627 shares of the financial services provider’s stock valued at $7,583,000 after buying an additional 28,008 shares during the last quarter. Finally, Amica Pension Fund Board of Trustees raised its stake in shares of Horizon Bancorp by 80.2% in the second quarter. Amica Pension Fund Board of Trustees now owns 57,924 shares of the financial services provider’s stock valued at $1,456,000 after buying an additional 25,773 shares during the last quarter. Institutional investors and hedge funds own 36.09% of the company’s stock.
Horizon Bancorp Company Profile
Horizon Bancorp is a bank holding company. The Company provides a range of banking services in Northwestern and Central Indiana and Southwestern Michigan through its bank subsidiary, Horizon Bank, N.A. (the Bank), and other affiliated entities and Horizon Risk Management, Inc The Bank is a full-service commercial bank offering commercial and retail banking services, corporate and individual trust and agency services and other services incident to banking.
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