Horizon Bancorp (IN) (NASDAQ:HBNC) Price Target Raised to $18.00 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods raised Horizon Bancorp's target price from $17.00 to $18.00, indicating a potential upside of 17.00% from the current price.
• Horizon Bancorp reported $0.47 earnings per share, surpassing analysts' estimates by $0.03, despite revenue being slightly below expectations.
• Recent analyst actions include Wall Street Zen upgrading Horizon Bancorp from a "hold" to a "buy" rating and Piper Sandler lowering their price target to $17.00.
• Approximately 64.51% of Horizon Bancorp's stock is owned by institutional investors, with notable increases in holdings by several hedge funds during the last quarter.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) had its target price hoisted by Keefe, Bruyette & Woods from $17.00 to $18.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price target points to a potential upside of 17.00% from the company's current price.

A number of other analysts have also recently issued reports on HBNC. Wall Street Zen raised Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. Piper Sandler lowered their target price on Horizon Bancorp (IN) from $18.00 to $17.00 and set a "neutral" rating for the company in a research note on Monday, April 28th.

Horizon Bancorp (IN) Stock Performance

Shares of NASDAQ:HBNC opened at $15.39 on Friday. The company has a market capitalization of $677.09 million, a price-to-earnings ratio of 13.15 and a beta of 0.84. The firm's 50 day simple moving average is $15.32 and its 200 day simple moving average is $15.46. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.76 and a quick ratio of 0.76. Horizon Bancorp has a fifty-two week low of $12.70 and a fifty-two week high of $19.18.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.03. The business had revenue of $66.27 million for the quarter, compared to the consensus estimate of $66.45 million. Horizon Bancorp (IN) had a net margin of 13.84% and a return on equity of 10.30%. As a group, sell-side analysts forecast that Horizon Bancorp will post 1.78 earnings per share for the current year.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Hedge funds have recently made changes to their positions in the business. Aquatic Capital Management LLC bought a new position in shares of Horizon Bancorp (IN) during the 4th quarter worth approximately $51,000. Quarry LP grew its stake in shares of Horizon Bancorp (IN) by 64.4% during the 4th quarter. Quarry LP now owns 3,450 shares of the financial services provider's stock worth $56,000 after acquiring an additional 1,352 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Horizon Bancorp (IN) during the 4th quarter worth approximately $82,000. Quantbot Technologies LP grew its stake in shares of Horizon Bancorp (IN) by 4,298.5% during the 4th quarter. Quantbot Technologies LP now owns 8,753 shares of the financial services provider's stock worth $141,000 after acquiring an additional 8,554 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Horizon Bancorp (IN) during the 4th quarter worth approximately $143,000. 64.51% of the stock is owned by institutional investors.

About Horizon Bancorp (IN)

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that engages in the provision of commercial and retail banking services. The company offers checking, saving, money market, certificate of deposits, individual retirement accounts, and time deposits, as well as non-interest- and interest-bearing demand deposits.

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