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

Key Points

• Wall Street Zen downgraded Horizon Bancorp (NASDAQ: HBNC) from buy to hold, adding to a mixed set of analyst opinions on the stock.
• The current analyst consensus is also Hold, with an average price target of $21.00; other recent calls include Stephens’ overweight rating and Piper Sandler’s neutral view.
• HBNC shares opened at $20.30, near the 52-week high of $20.66, after the company recently beat quarterly EPS estimates with $0.51 per share versus the expected $0.48.

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 research report issued to clients and investors on Monday.

HBNC has been the topic of several other reports. Weiss Ratings upgraded shares of Horizon Bancorp (IN) from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, July 6th. Stephens reiterated an "overweight" rating and set a $21.00 price target on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Piper Sandler reissued a "neutral" rating and set a $21.00 price target (down from $22.00) on shares of Horizon Bancorp (IN) in a research note on Monday, April 27th. Finally, Zacks Research upgraded Horizon Bancorp (IN) from a "strong sell" rating to a "hold" rating in a report on Friday, March 27th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $21.00.

Horizon Bancorp (IN) Price Performance

Horizon Bancorp (IN) stock opened at $20.30 on Monday. The company has a market cap of $1.04 billion, a P/E ratio of -6.38 and a beta of 0.82. Horizon Bancorp has a one year low of $14.84 and a one year high of $20.66. The business has a fifty day moving average of $19.12 and a two-hundred day moving average of $17.94. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.90 and a current ratio of 0.91.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.48 by $0.03. The business had revenue of $73.48 million for the quarter, compared to analysts' expectations of $76.11 million. Horizon Bancorp (IN) had a negative net margin of 37.28% and a positive return on equity of 12.41%. As a group, analysts predict that Horizon Bancorp will post 2.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Horizon Bancorp (IN)

A number of institutional investors have recently modified their holdings of the company. Wellington Management Group LLP acquired a new position in Horizon Bancorp (IN) in the 3rd quarter valued at $24,842,000. FJ Capital Management LLC boosted its holdings in shares of Horizon Bancorp (IN) by 309.5% during the fourth quarter. FJ Capital Management LLC now owns 1,083,840 shares of the financial services provider's stock worth $18,382,000 after purchasing an additional 819,189 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Horizon Bancorp (IN) by 1,202.2% during the third quarter. Alliancebernstein L.P. now owns 593,109 shares of the financial services provider's stock worth $9,496,000 after purchasing an additional 547,561 shares during the last quarter. Jennison Associates LLC grew its position in shares of Horizon Bancorp (IN) by 69.6% in the fourth quarter. Jennison Associates LLC now owns 1,242,365 shares of the financial services provider's stock valued at $21,071,000 after purchasing an additional 509,775 shares during the period. Finally, Adage Capital Partners GP L.L.C. grew its position in shares of Horizon Bancorp (IN) by 78.9% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 963,397 shares of the financial services provider's stock valued at $16,339,000 after purchasing an additional 424,896 shares during the period. Institutional investors and hedge funds own 64.51% of the company's stock.

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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