Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded Horizon Bancorp from “buy” to “hold.” Despite the change, analyst sentiment overall remains “Moderate Buy,” with a consensus price target of $24.
• Other analysts maintained or raised bullish views, including price targets of $23 to $25; three analysts rate the stock Buy and two rate it Hold.
• Horizon reported quarterly EPS of $0.56, beating the $0.54 consensus estimate, while revenue of $77.09 million came in below the $77.99 million forecast.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday, Wall Street Zen reports.

HBNC has been the subject of a number of other research reports. Keefe, Bruyette & Woods boosted their price objective on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company 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 Wednesday, November 4th. Piper Sandler reiterated an "overweight" rating and set a $25.00 target price (up from $24.00) on shares of Horizon Bancorp (IN) in a research note on Friday, October 23rd. Finally, Stephens raised their price target on Horizon Bancorp (IN) from $23.00 to $24.00 and gave the stock an "overweight" rating in a report on Monday, October 26th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Horizon Bancorp (IN) has an average rating of "Moderate Buy" and a consensus target price of $24.00.

Horizon Bancorp (IN) Stock Performance

Shares of Horizon Bancorp (IN) stock opened at $21.27 on Friday. The firm has a market capitalization of $1.09 billion, a P/E ratio of 10.14 and a beta of 0.82. Horizon Bancorp has a 52 week low of $15.43 and a 52 week high of $22.00. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.22. The firm's 50 day moving average is $19.91 and its two-hundred day moving average is $18.86.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The financial services provider reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.02. Horizon Bancorp (IN) had a net margin of 26.52% and a return on equity of 15.17%. The business had revenue of $77.09 million during the quarter, compared to the consensus estimate of $77.99 million. Research analysts forecast that Horizon Bancorp will post 2.10 EPS for the current fiscal year.

Institutional Investors Weigh In On Horizon Bancorp (IN)

A number of hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its stake in shares of 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 worth $48,000 after purchasing an additional 1,388 shares during the last quarter. Allworth Financial LP acquired a new position in Horizon Bancorp (IN) in the 2nd quarter valued at $31,000. Keybank National Association OH raised its holdings in Horizon Bancorp (IN) by 5.4% in the 3rd quarter. Keybank National Association OH now owns 32,586 shares of the financial services provider's stock valued at $614,000 after acquiring an additional 1,658 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Horizon Bancorp (IN) during the second quarter worth $52,000. Finally, Fifth Third Bancorp boosted its holdings in shares of Horizon Bancorp (IN) by 18.8% during the third quarter. Fifth Third Bancorp now owns 17,296 shares of the financial services provider's stock worth $326,000 after purchasing an additional 2,734 shares during the last quarter. Institutional investors and hedge funds own 64.51% of the company's stock.

About Horizon Bancorp (IN)

Horizon Bancorp, Inc. is a bank holding company and the parent of Horizon Bank, a community bank serving customers in Indiana and Michigan. The company has roots dating to 1873 and is headquartered in Michigan City, Indiana. Horizon Bank provides personal and business banking services, including checking and savings accounts, lending, and cash-management services. Its lending includes consumer, residential mortgage, and commercial loans. The bank serves individuals, businesses, and communities through its branch network and digital banking services.

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