Horizon Bancorp (IN) (NASDAQ:HBNC) Cut to “Hold” at Wall Street Zen

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

A number of other research firms also recently weighed in on HBNC. 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 note on Monday, April 27th. Zacks Research raised shares of Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Weiss Ratings upgraded Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 6th. Finally, Stephens reaffirmed an “overweight” rating and issued a $21.00 target price on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $21.00.

Horizon Bancorp (IN) Stock Performance

Shares of HBNC stock opened at $20.30 on Monday. The firm has a market cap of $1.04 billion, a P/E ratio of -6.38 and a beta of 0.82. Horizon Bancorp has a 1-year low of $14.84 and a 1-year high of $20.66. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.90. The firm’s 50-day simple moving average is $19.12 and its 200-day simple moving average is $17.94.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping 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 business had revenue of $73.48 million for the quarter, compared to analysts’ expectations of $76.11 million. As a group, equities analysts forecast that Horizon Bancorp will post 2.09 EPS for the current year.

Institutional Investors Weigh In On Horizon Bancorp (IN)

Several hedge funds have recently modified their holdings of HBNC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Horizon Bancorp (IN) by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock valued at $388,000 after acquiring an additional 1,057 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of Horizon Bancorp (IN) by 28.5% in the first quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider’s stock valued at $2,269,000 after purchasing an additional 33,355 shares during the period. Jane Street Group LLC acquired a new stake in Horizon Bancorp (IN) during the 1st quarter valued at $1,231,000. Rhumbline Advisers increased its stake in Horizon Bancorp (IN) by 3.2% during the 2nd quarter. Rhumbline Advisers now owns 68,401 shares of the financial services provider’s stock worth $1,052,000 after buying an additional 2,093 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Horizon Bancorp (IN) in the 2nd quarter worth $816,000. 64.51% of the stock is currently owned by hedge funds and other institutional investors.

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.