Horizon Bancorp (NASDAQ:HBNC) Upgraded at StockNews.com

Horizon Bancorp (NASDAQ:HBNC) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.

A number of other research firms have also recently commented on HBNC. Hovde Group began coverage on shares of Horizon Bancorp in a research note on Monday, September 30th. They issued an “outperform” rating and a $18.00 target price for the company. Keefe, Bruyette & Woods lifted their price objective on shares of Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Finally, Piper Sandler boosted their price objective on shares of Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Horizon Bancorp currently has an average rating of “Hold” and a consensus target price of $16.00.

Horizon Bancorp Stock Performance

Shares of HBNC opened at $16.02 on Friday. Horizon Bancorp has a 12 month low of $9.35 and a 12 month high of $16.72. The stock has a fifty day moving average price of $15.56 and a 200-day moving average price of $13.88. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 2.02. The firm has a market cap of $700.27 million, a PE ratio of 34.09 and a beta of 1.04.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Horizon Bancorp had a return on equity of 8.17% and a net margin of 5.50%. The company had revenue of $102.40 million during the quarter, compared to analysts’ expectations of $58.23 million. During the same period last year, the business posted $0.37 earnings per share. Equities research analysts predict that Horizon Bancorp will post 1.38 earnings per share for the current fiscal year.

Institutional Trading of Horizon Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in HBNC. Creative Planning boosted its holdings in Horizon Bancorp by 8.1% in the third quarter. Creative Planning now owns 55,679 shares of the financial services provider’s stock valued at $866,000 after purchasing an additional 4,155 shares during the last quarter. Inspire Investing LLC acquired a new position in shares of Horizon Bancorp in the 3rd quarter valued at about $414,000. CWM LLC boosted its stake in shares of Horizon Bancorp by 114.2% in the third quarter. CWM LLC now owns 6,958 shares of the financial services provider’s stock worth $108,000 after buying an additional 3,709 shares during the last quarter. SG Americas Securities LLC grew its holdings in Horizon Bancorp by 34.6% during the third quarter. SG Americas Securities LLC now owns 21,556 shares of the financial services provider’s stock worth $335,000 after acquiring an additional 5,544 shares during the period. Finally, Sanctuary Advisors LLC acquired a new stake in Horizon Bancorp during the second quarter worth about $150,000. Institutional investors and hedge funds own 64.51% of the company’s stock.

About Horizon Bancorp

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that engages in the provision of commercial and retail banking services. The company offers checking, saving, money market, certificate of deposits, individual retirement accounts, and time deposits, as well as non-interest- and interest-bearing demand deposits.