Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Rating Upgraded by Wall Street Zen

Horizon Bancorp (IN) (NASDAQ:HBNC) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

A number of other research firms have also commented on HBNC. Stephens reaffirmed an “overweight” rating and set a $21.00 price objective on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods raised their price target on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Piper Sandler reiterated a “neutral” rating and set a $23.00 price target (up from $21.00) on shares of Horizon Bancorp (IN) in a report on Friday, July 24th. Finally, Weiss Ratings lowered Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, July 21st. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $22.33.

Horizon Bancorp (IN) Price Performance

Shares of NASDAQ HBNC opened at $20.67 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.22. The company’s 50-day moving average price is $19.50 and its 200 day moving average price is $18.14. Horizon Bancorp has a 52 week low of $14.84 and a 52 week high of $21.04. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of -6.54 and a beta of 0.82.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.02). Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.52%. The business had revenue of $75.50 million during the quarter, compared to analysts’ expectations of $76.56 million. As a group, research analysts forecast that Horizon Bancorp will post 2.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Horizon Bancorp (IN)

In other news, EVP Kathie A. Deruiter sold 8,000 shares of the company’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $20.19, for a total value of $161,520.00. Following the completion of the transaction, the executive vice president directly owned 50,346 shares in the company, valued at approximately $1,016,485.74. This represents a 13.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.19% of the company’s stock.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its stake in shares of Horizon Bancorp (IN) by 65.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 660 shares in the last quarter. Royal Bank of Canada increased its position in shares of Horizon Bancorp (IN) by 93.5% during the first quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 1,388 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Horizon Bancorp (IN) by 160.2% in the second quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock worth $101,000 after acquiring an additional 4,024 shares in the last quarter. Rossby Financial LCC acquired a new position in shares of Horizon Bancorp (IN) in the fourth quarter worth about $124,000. Finally, Raymond James Financial Inc. purchased a new position in Horizon Bancorp (IN) in the second quarter valued at about $134,000. Institutional investors and hedge funds own 64.51% of the company’s stock.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp (NASDAQ: HBNC) is a financial holding company headquartered in Columbus, Indiana, offering community banking and wealth management services through its subsidiary, Horizon Bank. As a locally focused institution, it provides a full range of retail and commercial banking products, including checking and savings accounts, consumer and mortgage lending, commercial real estate financing, and treasury management solutions.

In addition to traditional deposit and loan products, Horizon Bancorp’s services encompass investment advisory and trust administration, retirement planning, and insurance products.