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HBNC

Horizon Bancorp

$22.78

-0.41 (-1.77%)

16:48
11/30/16
11/30
16:48
11/30/16
16:48

Horizon Bancorp announces balance sheet restructuring transaction

Horizon Bancorp announced a series of balance sheet restructuring transactions aimed at improving its overall financial position, including an increase in net interest margin, return on average assets, and return on average equity. The transactions include prepaying $106M of high fixed-rate borrowings with contractual maturities ranging from June 2017 through September 2020 and repositioning the investment securities portfolio to replace certain lower yielding short-term investments consistent with a more normalized strategy and maturity periods. The debt prepayment was funded from the sale of available-for-sale investment securities of $168.0M. The company realized a loss of $4.8M from the early redemption of the debt. This loss was partially offset by an expected net gain on the sale of investment securities of $966K. The average yield on the investment securities sold to fund the debt prepayment is 1.94%. The average cost of the fixed rate borrowings that were repaid was 3.58%. The average yield on the $62.0M of purchased securities is expected to be 3.94%. In addition, the company estimates that it will add approximately 27 basis points to its margin related to the repositioning of low-yielding short-term investments and the debt repayment. This deleveraging strategy is still in process and is expected to be completed by the end of Q4.

HBNC Horizon Bancorp
$22.78

-0.41 (-1.77%)

01/07/16
SDLR
01/07/16
DOWNGRADE
Target $29.5
SDLR
Hold
Horizon Bancorp downgraded to Hold from Buy at Sandler O'Neill
Sandler O'Neill analyst R. Scott Siefers downgraded Horizon Bancorp to Hold citing the stock's proximity to his $29.50 price target.
01/07/16
01/07/16
DOWNGRADE

On The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 1st Constitution Bancorp (FCCY) downgraded to Market Perform at Raymond James... Alaska Air (ALK) downgraded to Neutral from Outperform at Credit Suisse... Alexion (ALXN) downgraded to Neutral from Buy at BTIG... Anadarko (APC) downgraded to Hold from Buy at Deutsche Bank... Apple Hospitality REIT (APLE) downgraded to Neutral from Outperform at Baird... Aqua America (WTR) downgraded to Neutral from Buy at Ladenburg... ArcBest (ARCB) downgraded to Equal Weight from Overweight at Stephens... Ashford Hospitality Prime (AHP) downgraded to Underperform from Neutral at Baird... Broadcom (BRCM) downgraded to Market Perform from Outperform at Bernstein... Brown & Brown (BRO) downgraded to Neutral from Buy at SunTrust... Caladrius (CLBS) downgraded to Hold from Buy at Maxim... Capital One (COF) downgraded to Hold from Buy at Deutsche Bank... DDR Corp. (DDR) downgraded to Neutral from Outperform at Baird... Everyday Health (EVDY) downgraded on salesforce issues at Stifel... Expeditors (EXPD) downgraded to Sell from Neutral at UBS... First Community (FCCO) downgraded to Market Perform from Outperform at Raymond James... Genesee & Wyoming (GWR) downgraded to Sector Perform from Outperform at RBC Capital... HP Inc. (HPQ) downgraded to Market Perform from Outperform at Wells Fargo... Heartland Express (HTLD) downgraded to Underperform from Sector Perform at RBC Capital... Highwoods Properties (HIW) downgraded to Neutral from Outperform at Baird... Horizon Bancorp (HBNC) downgraded to Hold from Buy at Sandler O'Neill... Hubbell (HUBB) downgraded to Neutral from Overweight at JPMorgan... Illumina (ILMN) downgraded to Market Perform from Outperform at Wells Fargo... Kite Realty Trust (KRG) downgraded to Neutral from Outperform at Baird... Mondelez (MDLZ) downgraded to Hold from Buy at Deutsche Bank... Moody's (MCO) downgraded to Neutral from Overweight at Piper Jaffray... Morgan Stanley says Nordstrom (JWN) not immune from industry headwinds, cuts to sell... National Retail Properties (NNN) downgraded to Market Perform from Outperform at Raymond James... Navios Maritime (NM) downgraded to Sell on cash burn at Stifel... Newmont Mining (NEM) downgraded to Sector Perform from Outperform at RBC Capital... Nordstrom (JWN) downgraded to Underweight from Equal Weight at Morgan Stanley... Old Dominion (ODFL) downgraded to Sector Perform from Outperform at RBC Capital... Paychex (PAYX) downgraded to Underperform from Neutral at BofA/Merrill... PerkinElmer (PKI) downgraded to Market Perform from Outperform at Cowen... Piedmont Office Realty (PDM) downgraded to Neutral from Outperform at Baird... Post Properties (PPS) downgraded to Market Perform from Outperform at Raymond James... Public Storage (PSA) downgraded to Market Perform from Outperform at Raymond James... Rush Enterprises (RUSHA) downgraded to Sector Perform from Outperform at RBC Capital... Ryder (R) downgraded to Sector Perform from Outperform at RBC Capital... Saia, Inc. (SAIA) downgraded to Equal Weight from Overweight at Stephens... Scorpio Bulkers (SALT) downgraded to Hold from Buy at Stifel... Spirit Realty (SRC) downgraded to Neutral from Outperform at Baird... Star Bulk Carriers (SBLK) downgraded to Hold from Buy at Stifel... Stryker (SYK) downgraded to Market Perform from Outperform at Northland... Swift Transport (SWFT) downgraded to Sector Perform from Outperform at RBC Capital... Team (TISI) downgraded to Hold from Buy at BB&T... Terreno Realty (TRNO) downgraded to Neutral from Outperform at Baird... Thomson Reuters (TRI) downgraded to Neutral from Buy at BofA/Merrill... UBS (UBS) downgraded to Equal Weight from Overweight at Barclays... WebMD (WBMD) downgraded to Hold from Buy at Stifel... Whiting USA Trust II (WHZ) downgraded to Underperform at Raymond James... Zimmer Biomet (ZBH) downgraded to Market Perform from Outperform at Northland.
03/14/16
FIGP
03/14/16
UPGRADE
Target $27
FIGP
Outperform
Horizon Bancorp upgraded to Outperform from Market Perform at Fig Partners
Fig Partners analyst Brian Martin upgraded Horizon Bancorp to Outperform based on valuation and maintained his $27 price target on shares.
10/06/16
PIPR
10/06/16
INITIATION
Target $33.5
PIPR
Overweight
Horizon Bancorp initiated with an Overweight at Piper Jaffray
Piper Jaffray analyst Nathan Race started Horizon Bancorp with an Overweight rating and $33.50 price target.

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