Horizon Bancorp (IN) (NASDAQ:HBNC) Raised to “Buy” at Wall Street Zen

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

HBNC has been the subject of a number of other research reports. Piper Sandler restated a “neutral” rating and set a $23.00 price objective (up from $21.00) on shares of Horizon Bancorp (IN) in a research report on Friday, July 24th. Keefe, Bruyette & Woods boosted their price target on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Weiss Ratings raised shares of Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Finally, Stephens reissued an “overweight” rating and set a $21.00 price target on shares of Horizon Bancorp (IN) in a 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. Based on data from MarketBeat, Horizon Bancorp (IN) has an average rating of “Hold” and an average target price of $22.33.

Horizon Bancorp (IN) Trading Down 1.0%

NASDAQ:HBNC opened at $20.36 on Friday. The firm has a market cap of $1.05 billion, a P/E ratio of -6.44 and a beta of 0.82. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.21. The stock’s 50 day simple moving average is $20.02 and its 200-day simple moving average is $18.41. Horizon Bancorp has a 12-month low of $14.84 and a 12-month high of $21.04.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.02). Horizon Bancorp (IN) had a positive return on equity of 13.31% and a negative net margin of 36.38%.The company had revenue of $75.50 million for the quarter, compared to analyst estimates of $76.56 million. Equities analysts anticipate that Horizon Bancorp will post 2.07 EPS for the current year.

Insider Activity at Horizon Bancorp (IN)

In other Horizon Bancorp (IN) news, EVP Kathie A. Deruiter sold 8,000 shares of the business’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $20.19, for a total transaction of $161,520.00. Following the sale, the executive vice president directly owned 50,346 shares in the company, valued at approximately $1,016,485.74. The trade was a 13.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.19% of the company’s stock.

Hedge Funds Weigh In On Horizon Bancorp (IN)

A number of large investors have recently made changes to their positions in the stock. Bayview Asset Management LLC lifted its stake in shares of Horizon Bancorp (IN) by 0.7% in the fourth quarter. Bayview Asset Management LLC now owns 95,462 shares of the financial services provider’s stock valued at $1,619,000 after purchasing an additional 645 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Horizon Bancorp (IN) by 65.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock valued at $28,000 after buying an additional 660 shares in the last quarter. Rafferty Asset Management LLC increased its holdings in Horizon Bancorp (IN) by 3.9% in the second quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider’s stock valued at $382,000 after buying an additional 941 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Horizon Bancorp (IN) by 4.3% during the 1st 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 during the period. Finally, Sanctuary Advisors LLC lifted its position in shares of Horizon Bancorp (IN) by 9.6% during the 4th quarter. Sanctuary Advisors LLC now owns 14,845 shares of the financial services provider’s stock valued at $252,000 after acquiring an additional 1,298 shares during the period. Hedge funds and other institutional investors own 64.51% of the company’s stock.

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.