Horizon Bancorp (IN)’s (HBNC) “Overweight” Rating Reiterated at Stephens

Horizon Bancorp (IN) (NASDAQ:HBNC)‘s stock had its “overweight” rating restated by Stephens in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $21.00 target price on the financial services provider’s stock. Stephens’ price target points to a potential upside of 5.11% from the stock’s previous close.

HBNC has been the subject of a number of other research reports. Wall Street Zen lowered shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research note on Saturday, May 23rd. Weiss Ratings raised shares of Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, April 24th. Zacks Research upgraded Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $21.00 target price (down from $22.00) on shares of Horizon Bancorp (IN) in a research report on Monday, April 27th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $21.00.

Horizon Bancorp (IN) Price Performance

HBNC stock opened at $19.98 on Wednesday. Horizon Bancorp has a one year low of $14.84 and a one year high of $20.31. The firm has a 50-day moving average of $18.66 and a two-hundred day moving average of $17.77. The firm has a market capitalization of $1.03 billion, a PE ratio of -6.28 and a beta of 0.83. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.22.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share 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 the consensus estimate of $76.11 million. On average, analysts forecast that Horizon Bancorp will post 2.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Horizon Bancorp (IN) by 5.9% in the 4th quarter. Vanguard Group Inc. now owns 3,189,417 shares of the financial services provider’s stock valued at $54,093,000 after purchasing an additional 176,448 shares during the period. Dimensional Fund Advisors LP increased its holdings in Horizon Bancorp (IN) by 3.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,568,101 shares of the financial services provider’s stock valued at $41,116,000 after buying an additional 75,462 shares during the period. PL Capital Advisors LLC increased its holdings in Horizon Bancorp (IN) by 7.2% in the 4th quarter. PL Capital Advisors LLC now owns 1,812,825 shares of the financial services provider’s stock valued at $30,746,000 after buying an additional 121,651 shares during the period. Jennison Associates LLC raised its stake in shares of Horizon Bancorp (IN) by 29.3% in the 1st quarter. Jennison Associates LLC now owns 1,605,798 shares of the financial services provider’s stock valued at $26,608,000 after buying an additional 363,433 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new position in shares of Horizon Bancorp (IN) in the 3rd quarter valued at $24,842,000. 64.51% of the stock is currently owned by institutional investors and hedge funds.

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.