Horizon Bancorp (NASDAQ:HBNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $32.00 price objective on the financial services provider’s stock. Zacks Investment Research’s price target would suggest a potential upside of 10.88% from the stock’s current price.

According to Zacks, “HORIZON BNCP-IN is a bank holding company. Through subsidiaries, they are engaged as a full-service commercial bank offering a broad range of commercial and retail banking services, corporate and individual trust and agency services, commercial and personal property and casualty insurance services and other services incident to banking. “

Separately, Keefe, Bruyette & Woods upped their price target on shares of Horizon Bancorp from $29.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, July 28th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Horizon Bancorp currently has a consensus rating of “Buy” and a consensus target price of $30.00.

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Shares of Horizon Bancorp (NASDAQ:HBNC) traded down 0.07% during mid-day trading on Tuesday, hitting $28.86. 23,931 shares of the company traded hands. The firm has a 50-day moving average price of $27.85 and a 200 day moving average price of $25.59. Horizon Bancorp has a 52-week low of $21.92 and a 52-week high of $29.19. The firm has a market cap of $426.44 million, a price-to-earnings ratio of 15.78 and a beta of 0.47.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings data on Wednesday, July 27th. The financial services provider reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.02. Horizon Bancorp had a net margin of 17.13% and a return on equity of 9.48%. Equities research analysts anticipate that Horizon Bancorp will post $2.12 EPS for the current fiscal year.

In other Horizon Bancorp news, insider Thomas H. Edwards sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $27.65, for a total value of $276,500.00. Following the completion of the sale, the insider now directly owns 10,097 shares of the company’s stock, valued at approximately $279,182.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.70% of the stock is currently owned by company insiders.

Large investors have recently modified their holdings of the stock. Amica Mutual Insurance Co. increased its stake in shares of Horizon Bancorp by 76.7% in the second quarter. Amica Mutual Insurance Co. now owns 79,656 shares of the financial services provider’s stock worth $2,003,000 after buying an additional 34,586 shares during the last quarter. Amica Retiree Medical Trust raised its stake in Horizon Bancorp by 81.1% in the second quarter. Amica Retiree Medical Trust now owns 8,935 shares of the financial services provider’s stock worth $225,000 after buying an additional 4,000 shares in the last quarter. Amica Pension Fund Board of Trustees raised its stake in Horizon Bancorp by 80.2% in the second quarter. Amica Pension Fund Board of Trustees now owns 57,924 shares of the financial services provider’s stock worth $1,456,000 after buying an additional 25,773 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Horizon Bancorp by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 49,540 shares of the financial services provider’s stock worth $1,245,000 after buying an additional 520 shares in the last quarter. Finally, Sabal Trust CO raised its stake in Horizon Bancorp by 1.5% in the second quarter. Sabal Trust CO now owns 10,822 shares of the financial services provider’s stock worth $272,000 after buying an additional 164 shares in the last quarter. 36.09% of the stock is owned by institutional investors.

About Horizon Bancorp

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.

5 Day Chart for NASDAQ:HBNC

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