Keefe Bruyette & Woods Maintains Horizon Bancorp to Outperform with Price Target $31.00

Brokerage firm Keefe Bruyette & Woods Maintains its rating on Horizon Bancorp(NASDAQ:HBNC). In a research note issued to the investors, the brokerage major Raises the price-target to $31.00 per share. The shares have been rated Outperform. The rating by Keefe Bruyette & Woods was issued on Jul 28, 2016.

Horizon Bancorp (HBNC) shares turned negative on Thursdays trading session with the shares closing down -0.24 points or -0.89% at a volume of 19,725. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $27.11. The peak price level was also seen at $27.11 while the days lowest was $26.74. Finally the shares closed at $26.76. The 52-week high of the shares is $29.19 while the 52-week low is $21.9176. According to the latest information available, the market cap of the company is $321 M.

Horizon Bancorp(HBNC) last announced its earnings results on Jul 27, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $30.74M. Analysts had an estimated revenue of $29.34M. Earnings per share were $0.57. Analysts had estimated an EPS of $0.55.

Several Insider Transactions has been reported to the SEC. On Jun 1, 2016, Thomas H Edwards (Executive Vice President) sold 10,000 shares at $24.73 per share price.Also, On Jun 1, 2016, Craig M Dwight (Chief Executive Officer) sold 10,000 shares at $24.67 per share price.On May 4, 2016, James D Neff (Executive Vice President) sold 1,674 shares at $24.67 per share price, according to the Form-4 filing with the securities and exchange commission.

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. Horizon Risk Management Inc. is a captive insurance company. As of December 31 2014 the Bank had total assets of $2.08 billion and total deposits of $1.48 billion. The Bank’s investment securities totaled $489.5 million as of December 31 2014 and included Treasury and federal agency securities state and municipal securities federal agency mortgage-backed pools federal agency collateralized mortgage obligations private label mortgage-backed pools and corporate securities.

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