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

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 boosted their target price on Horizon Bancorp from $29.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, July 28th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $30.00.

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Shares of Horizon Bancorp (NASDAQ:HBNC) traded down 0.07% during trading on Tuesday, reaching $28.86. 23,931 shares of the company traded hands. The company has a market capitalization of $426.44 million, a price-to-earnings ratio of 15.78 and a beta of 0.47. The stock’s 50 day moving average is $27.85 and its 200 day moving average is $25.59. Horizon Bancorp has a 1-year low of $21.92 and a 1-year high of $29.19.

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

In related news, insider Thomas H. Edwards sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $27.65, for a total transaction of $276,500.00. Following the completion of the sale, the insider now owns 10,097 shares in the company, valued at $279,182.05. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 7.70% of the company’s stock.

A number of large investors have recently bought and sold shares of the company. BlackRock Advisors LLC raised its position in Horizon Bancorp by 1.4% in the second quarter. BlackRock Advisors LLC now owns 5,384 shares of the financial services provider’s stock valued at $135,000 after buying an additional 75 shares during the period. American International Group Inc. raised its position in Horizon Bancorp by 19.6% in the second quarter. American International Group Inc. now owns 6,463 shares of the financial services provider’s stock valued at $162,000 after buying an additional 1,057 shares during the period. Metropolitan Life Insurance Co. NY raised its position in Horizon Bancorp by 5.8% in the first quarter. Metropolitan Life Insurance Co. NY now owns 8,808 shares of the financial services provider’s stock valued at $218,000 after buying an additional 483 shares during the period. Amica Retiree Medical Trust raised its position 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 valued at $225,000 after buying an additional 4,000 shares during the period. Finally, Emerald Acquisition Ltd. purchased a new position in Horizon Bancorp during the second quarter valued at approximately $244,000. Hedge funds and other institutional investors own 36.09% of the company’s stock.

Horizon Bancorp Company Profile

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.

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