Horizon Bancorp (IN) (NASDAQ:HBNC) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded Horizon Bancorp from "buy" to "hold," and the consensus from five analysts sits at an overall Hold with an average price target of $20.67.
• Horizon beat Q1 EPS estimates ($0.51 vs. $0.48) but missed on revenue ($73.48M vs. $76.11M); the stock trades around $18.32 with a market cap of about $938.5M, implying limited upside to the consensus target.
• The company shows mixed profitability metrics — a negative net margin (-37.28%) yet a positive return on equity (12.35%) and a negative PE ratio (-5.76) — while institutional investors own roughly 64.5% of the shares.

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

Other equities research analysts have also issued reports about the stock. Stephens began coverage on shares of Horizon Bancorp (IN) in a report on Friday, March 27th. They set an "overweight" rating and a $20.00 price target on the stock. Zacks Research raised shares of Horizon Bancorp (IN) from a "strong sell" rating to a "hold" rating in a report on Friday, March 27th. Weiss Ratings raised shares of Horizon Bancorp (IN) from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, April 24th. Piper Sandler reissued a "neutral" rating and set a $21.00 target price (down from $22.00) on shares of Horizon Bancorp (IN) in a report on Monday. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Horizon Bancorp (IN) from $19.00 to $21.00 and gave the stock an "outperform" rating in a report on Friday, January 23rd. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $20.67.

Horizon Bancorp (IN) Trading Up 1.2%

Shares of Horizon Bancorp (IN) stock opened at $18.32 on Friday. The firm has a market capitalization of $938.53 million, a PE ratio of -5.76 and a beta of 0.83. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.59. The firm's 50 day moving average is $16.97 and its 200 day moving average is $17.03. Horizon Bancorp has a 1 year low of $14.34 and a 1 year high of $19.07.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03. The company had revenue of $73.48 million for the quarter, compared to analyst estimates of $76.11 million. Horizon Bancorp (IN) had a negative net margin of 37.28% and a positive return on equity of 12.35%. Equities research analysts forecast that Horizon Bancorp will post 2.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Horizon Bancorp (IN)

A number of institutional investors have recently added to or reduced their stakes in the business. Bayview Asset Management LLC boosted its stake in shares of Horizon Bancorp (IN) by 0.7% in the 4th 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 last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Horizon Bancorp (IN) by 65.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 660 shares during the last quarter. Rafferty Asset Management LLC boosted its stake in shares of Horizon Bancorp (IN) by 3.9% in the 2nd quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider's stock valued at $382,000 after purchasing an additional 941 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Horizon Bancorp (IN) by 4.3% in 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 purchasing an additional 1,057 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its stake in shares of Horizon Bancorp (IN) by 2.4% in the 4th quarter. Wedge Capital Management L L P NC now owns 50,097 shares of the financial services provider's stock valued at $850,000 after purchasing an additional 1,193 shares during the last quarter. 64.51% of the stock is owned by institutional investors.

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.

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