Wall Street Zen Downgrades Horizon Bancorp (IN) (NASDAQ:HBNC) to Hold

Horizon Bancorp (IN) (NASDAQ:HBNC) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

HBNC has been the subject of several other research reports. Stephens assumed coverage on shares of Horizon Bancorp (IN) in a research report on Friday, March 27th. They set an “overweight” rating and a $20.00 price target for the company. Piper Sandler reaffirmed a “neutral” rating and set a $21.00 price target (down from $22.00) on shares of Horizon Bancorp (IN) in a research report on Monday, April 27th. Keefe, Bruyette & Woods upped their price target on shares of Horizon Bancorp (IN) from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Friday, January 23rd. Weiss Ratings raised shares of Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, April 24th. Finally, Zacks Research raised shares of Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research report on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Horizon Bancorp (IN) has an average rating of “Hold” and a consensus target price of $20.67.

Horizon Bancorp (IN) Price Performance

NASDAQ HBNC opened at $18.34 on Friday. Horizon Bancorp has a 52 week low of $14.34 and a 52 week high of $19.07. The firm has a market capitalization of $941.39 million, a P/E ratio of -5.77 and a beta of 0.83. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The company has a 50-day moving average price of $17.33 and a 200-day moving average price of $17.27.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.48 by $0.03. Horizon Bancorp (IN) had a negative net margin of 37.28% and a positive return on equity of 12.41%. The firm had revenue of $73.48 million during the quarter, compared to analyst estimates of $76.11 million. Equities research analysts anticipate that Horizon Bancorp will post 2.1 earnings per share for the current year.

Institutional Investors Weigh In On Horizon Bancorp (IN)

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue purchased a new stake in Horizon Bancorp (IN) in the 3rd quarter worth approximately $28,000. EverSource Wealth Advisors LLC increased its holdings in Horizon Bancorp (IN) by 65.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 660 shares in the last quarter. Royal Bank of Canada grew its holdings in Horizon Bancorp (IN) by 93.5% during the 1st quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock valued at $48,000 after buying an additional 1,388 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Horizon Bancorp (IN) by 160.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock valued at $101,000 after buying an additional 4,024 shares in the last quarter. Finally, Rossby Financial LCC purchased a new stake in Horizon Bancorp (IN) during the 4th quarter valued at approximately $124,000. 64.51% of the stock is owned by hedge funds and other institutional investors.

About Horizon Bancorp (IN)

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.