Stephens Issues Positive Forecast for Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Price

Key Points

• Stephens raised Horizon Bancorp’s price target from $23 to $24 and maintained an “overweight” rating, implying 17.82% upside from the prior close.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $24; Piper Sandler also lifted its target to $25.
• Horizon Bancorp exceeded quarterly EPS expectations, reporting $0.56 versus the $0.54 consensus estimate, while institutional investors own 64.51% of the stock.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) had its price objective upped by stock analysts at Stephens from $23.00 to $24.00 in a report released on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Stephens's price target points to a potential upside of 17.82% from the stock's previous close.

A number of other equities analysts also recently issued reports on the company. Wall Street Zen raised Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a research report on Sunday, August 16th. Keefe, Bruyette & Woods upped their price objective 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. Piper Sandler reaffirmed an "overweight" rating and issued a $25.00 price objective (up from $24.00) on shares of Horizon Bancorp (IN) in a research note on Friday. Finally, Weiss Ratings cut shares of Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $24.00.

Horizon Bancorp (IN) Price Performance

NASDAQ:HBNC opened at $20.37 on Monday. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of 9.75 and a beta of 0.84. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.92 and a quick ratio of 0.92. The business has a 50 day simple moving average of $19.50 and a 200-day simple moving average of $19.25. Horizon Bancorp has a 1 year low of $15.42 and a 1 year high of $21.04.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its quarterly earnings results on Wednesday, October 21st. The financial services provider reported $0.56 EPS for the quarter, topping analysts' consensus estimates of $0.54 by $0.02. Horizon Bancorp (IN) had a net margin of 26.52% and a return on equity of 15.14%. The firm had revenue of $77.09 million during the quarter, compared to analysts' expectations of $77.99 million. Equities analysts forecast that Horizon Bancorp will post 2.09 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Horizon Bancorp (IN) during the second quarter worth about $143,890,000. Jennison Associates LLC boosted its stake in Horizon Bancorp (IN) by 29.3% during the 1st quarter. Jennison Associates LLC now owns 1,605,798 shares of the financial services provider's stock worth $26,608,000 after purchasing an additional 363,433 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Horizon Bancorp (IN) during the second quarter worth $21,797,000. Bank of New York Mellon Corp acquired a new stake in shares of Horizon Bancorp (IN) in the second quarter valued at about $5,784,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Horizon Bancorp (IN) in the second quarter worth about $3,906,000. 64.51% of the stock is owned by institutional investors and hedge funds.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp, Inc is a bank holding company headquartered in Michigan City, Indiana. Through its principal subsidiary, Horizon Bank, the company provides banking and financial services to individuals, families, businesses and public-sector organizations.

Horizon Bank offers deposit accounts, consumer and commercial lending, residential mortgage services, cash-management and treasury-management solutions, online and mobile banking, and other customary banking products. Its lending activities include commercial real estate, business, residential real estate and consumer loans.

Founded in 1873, Horizon has developed as a community banking organization serving customers through branches and other delivery channels in northern and central Indiana and southwestern Michigan.

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