Horizon Bancorp (IN) (NASDAQ:HBNC) Now Covered by Stephens

Key Points

• Stephens initiated coverage on Horizon Bancorp with an "Overweight" rating and a $20.00 price target, implying about a 24.4% upside from the current share price.
• Analyst opinions are mixed—two Buy, one Hold and two Sell—giving an average rating of "Hold" and an average target price of $19.67.
• Shares traded at $16.07 (-1.6%) with a market cap of ~$823M; the latest quarter beat EPS estimates ($0.53 vs. $0.50) but missed revenue expectations and reported a negative net margin (-37.12%) while maintaining a positive ROE (11.77%).

Analysts at Stephens assumed coverage on shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) in a research report issued on Friday. The firm set an "overweight" rating and a $20.00 price target on the financial services provider's stock. Stephens' price target indicates a potential upside of 24.42% from the company's current price.

Several other research analysts have also recently issued reports on HBNC. Weiss Ratings reissued a "sell (d)" rating on shares of Horizon Bancorp (IN) in a research note on Monday, December 29th. Wall Street Zen raised Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a research report on Saturday, March 21st. Zacks Research cut Horizon Bancorp (IN) from a "hold" rating to a "strong sell" rating in a report on Monday, February 2nd. Finally, Keefe, Bruyette & Woods increased their price target on Horizon Bancorp (IN) from $19.00 to $21.00 and gave the stock an "outperform" rating in a research report on Friday, January 23rd. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $19.67.

Horizon Bancorp (IN) Trading Down 1.6%

HBNC traded down $0.27 on Friday, reaching $16.07. 6,529 shares of the company traded hands, compared to its average volume of 375,206. The company has a market cap of $823.47 million, a P/E ratio of -5.11 and a beta of 0.82. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.59. Horizon Bancorp has a one year low of $12.70 and a one year high of $19.07. The firm has a fifty day simple moving average of $17.22 and a two-hundred day simple moving average of $16.81.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last issued its earnings results on Wednesday, January 21st. The financial services provider reported $0.53 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.03. The business had revenue of $64.53 million for the quarter, compared to the consensus estimate of $74.35 million. Horizon Bancorp (IN) had a negative net margin of 37.12% and a positive return on equity of 11.77%. As a group, equities research analysts expect that Horizon Bancorp will post 1.78 earnings per share for the current year.

Institutional Trading of Horizon Bancorp (IN)

A number of hedge funds have recently bought and sold shares of HBNC. State of Alaska Department of Revenue acquired a new position in Horizon Bancorp (IN) during the 3rd quarter valued at about $28,000. EverSource Wealth Advisors LLC boosted 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 worth $28,000 after acquiring an additional 660 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Horizon Bancorp (IN) by 160.2% during the second quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider's stock worth $101,000 after acquiring an additional 4,024 shares during the last quarter. Rossby Financial LCC acquired a new position in shares of Horizon Bancorp (IN) during the fourth quarter valued at about $124,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Horizon Bancorp (IN) during the second quarter valued at about $134,000. 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.

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