Horizon Bancorp (NASDAQ:HBNC) Downgraded to “Sell” at StockNews.com

StockNews.com downgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a hold rating to a sell rating in a report released on Tuesday morning.

Separately, Piper Sandler reduced their target price on Horizon Bancorp from $14.00 to $13.00 and set a neutral rating for the company in a report on Monday, April 29th.

Horizon Bancorp Price Performance

Shares of NASDAQ:HBNC opened at $12.41 on Tuesday. Horizon Bancorp has a 12 month low of $7.69 and a 12 month high of $14.71. The firm has a market capitalization of $547.41 million, a P/E ratio of 22.98 and a beta of 1.04. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.70 and a quick ratio of 0.70. The company’s fifty day moving average price is $12.07 and its 200 day moving average price is $12.21.

Horizon Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 19th. Investors of record on Friday, April 5th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 5.16%. The ex-dividend date of this dividend was Thursday, April 4th. Horizon Bancorp’s dividend payout ratio is currently 118.52%.

Institutional Trading of Horizon Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC lifted its stake in shares of Horizon Bancorp by 969.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,048 shares of the financial services provider’s stock worth $72,000 after acquiring an additional 4,576 shares during the period. EMC Capital Management grew its holdings in Horizon Bancorp by 15.0% during the third quarter. EMC Capital Management now owns 9,709 shares of the financial services provider’s stock worth $104,000 after acquiring an additional 1,267 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Horizon Bancorp by 75.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,680 shares of the financial services provider’s stock worth $167,000 after acquiring an additional 5,009 shares in the last quarter. Gamco Investors INC. ET AL raised its position in Horizon Bancorp by 13.6% in the third quarter. Gamco Investors INC. ET AL now owns 12,500 shares of the financial services provider’s stock worth $134,000 after acquiring an additional 1,500 shares in the last quarter. Finally, AMI Investment Management Inc. lifted its holdings in Horizon Bancorp by 12.0% in the third quarter. AMI Investment Management Inc. now owns 12,527 shares of the financial services provider’s stock valued at $134,000 after acquiring an additional 1,341 shares during the period. 64.51% of the stock is owned by institutional investors and hedge funds.

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.