Horizon Bancorp (NASDAQ:HBNC) Downgraded to “Hold” at BidaskClub

BidaskClub cut shares of Horizon Bancorp (NASDAQ:HBNC) from a buy rating to a hold rating in a report released on Saturday morning, BidAskClub reports.

Other research analysts have also recently issued reports about the company. Zacks Investment Research raised Horizon Bancorp from a sell rating to a hold rating in a research report on Wednesday, October 30th. ValuEngine cut Horizon Bancorp from a sell rating to a strong sell rating in a research report on Friday, October 25th.

Shares of NASDAQ:HBNC traded down $0.06 during trading on Friday, reaching $18.79. 36,200 shares of the company traded hands, compared to its average volume of 85,659. Horizon Bancorp has a 52-week low of $14.79 and a 52-week high of $19.14. The business’s fifty day moving average is $17.62 and its 200-day moving average is $16.67. The firm has a market capitalization of $854.36 million, a price-to-earnings ratio of 14.80 and a beta of 0.98. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.79.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.46 EPS for the quarter, topping the consensus estimate of $0.42 by $0.04. Horizon Bancorp had a return on equity of 11.05% and a net margin of 25.66%. The company had revenue of $54.98 million during the quarter, compared to the consensus estimate of $53.55 million. On average, sell-side analysts predict that Horizon Bancorp will post 1.61 earnings per share for the current fiscal year.

The business also recently disclosed a — dividend, which was paid on Friday, October 18th. Stockholders of record on Friday, October 4th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a dividend yield of 2.7%. Horizon Bancorp’s payout ratio is currently 37.80%.

Several hedge funds have recently bought and sold shares of the company. Pacific Ridge Capital Partners LLC lifted its position in shares of Horizon Bancorp by 0.3% during the 2nd quarter. Pacific Ridge Capital Partners LLC now owns 265,639 shares of the financial services provider’s stock valued at $4,341,000 after buying an additional 924 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Horizon Bancorp by 13.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 10,252 shares of the financial services provider’s stock valued at $166,000 after buying an additional 1,218 shares in the last quarter. Parametric Portfolio Associates LLC lifted its position in shares of Horizon Bancorp by 2.7% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 48,773 shares of the financial services provider’s stock valued at $797,000 after buying an additional 1,262 shares in the last quarter. Swiss National Bank lifted its position in shares of Horizon Bancorp by 2.1% during the 2nd quarter. Swiss National Bank now owns 67,850 shares of the financial services provider’s stock valued at $1,109,000 after buying an additional 1,400 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its position in shares of Horizon Bancorp by 277.2% during the 2nd quarter. Meeder Asset Management Inc. now owns 1,905 shares of the financial services provider’s stock valued at $31,000 after buying an additional 1,400 shares in the last quarter. 46.40% of the stock is currently owned by hedge funds and other institutional investors.

Horizon Bancorp Company Profile

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that provides commercial and retail banking services. The company offers demand and time deposits. Its loan portfolio comprises commercial, residential real estate, mortgage warehouse, and consumer loans. The company also provides corporate and individual trust and agency, investment management, and real estate investment trust services; and sells various insurance products.

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