Horizon Bancorp (IN) (NASDAQ:HBNC) Raised to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Horizon Bancorp to “Buy” from “Hold,” while the broader analyst consensus remains “Hold” with an average price target of $22.33.
• Horizon Bancorp opened at $20.57, near its 52-week high of $21.04; its shares trade above both the 50-day and 200-day moving averages.
• The company slightly missed quarterly expectations, reporting $0.49 in EPS versus $0.51 expected and revenue of $75.5 million versus $76.56 million forecast. An executive vice president also sold 8,000 shares, while institutional investors collectively own 64.51% of the stock.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Sunday.

Several other equities research analysts have also recently issued reports on the stock. Keefe, Bruyette & Woods raised their target price on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Stephens reiterated an "overweight" rating and set a $21.00 target price on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Piper Sandler reissued a "neutral" rating and set a $23.00 price target (up from $21.00) on shares of Horizon Bancorp (IN) in a report on Friday, July 24th. Finally, Weiss Ratings raised Horizon Bancorp (IN) from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $22.33.

Horizon Bancorp (IN) Price Performance

HBNC opened at $20.57 on Friday. The company's 50-day simple moving average is $19.99 and its two-hundred day simple moving average is $18.39. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.90 and a current ratio of 0.92. The stock has a market capitalization of $1.06 billion, a P/E ratio of -6.51 and a beta of 0.82. Horizon Bancorp has a 52-week low of $14.84 and a 52-week high of $21.04.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.51 by ($0.02). Horizon Bancorp (IN) had a positive return on equity of 13.31% and a negative net margin of 36.38%.The company had revenue of $75.50 million during the quarter, compared to the consensus estimate of $76.56 million. As a group, analysts predict that Horizon Bancorp will post 2.07 EPS for the current year.

Insider Transactions at Horizon Bancorp (IN)

In related news, EVP Kathie A. Deruiter sold 8,000 shares of the business's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $20.19, for a total transaction of $161,520.00. Following the completion of the sale, the executive vice president directly owned 50,346 shares in the company, valued at approximately $1,016,485.74. The trade was a 13.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.19% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of HBNC. Stieven Capital Advisors L.P. boosted its stake in shares of Horizon Bancorp (IN) by 18.4% in the fourth quarter. Stieven Capital Advisors L.P. now owns 444,000 shares of the financial services provider's stock worth $7,530,000 after acquiring an additional 69,000 shares during the period. Hsbc Holdings PLC raised its stake in Horizon Bancorp (IN) by 274.5% during the 1st quarter. Hsbc Holdings PLC now owns 80,277 shares of the financial services provider's stock valued at $1,327,000 after purchasing an additional 58,840 shares during the period. Sei Investments Co. raised its stake in Horizon Bancorp (IN) by 175.2% during the 1st quarter. Sei Investments Co. now owns 90,926 shares of the financial services provider's stock valued at $1,507,000 after purchasing an additional 57,892 shares during the period. PL Capital Advisors LLC lifted its holdings in Horizon Bancorp (IN) by 7.2% in the 4th quarter. PL Capital Advisors LLC now owns 1,812,825 shares of the financial services provider's stock worth $30,746,000 after purchasing an additional 121,651 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Horizon Bancorp (IN) by 5.9% in the 4th quarter. Vanguard Group Inc. now owns 3,189,417 shares of the financial services provider's stock worth $54,093,000 after purchasing an additional 176,448 shares in the last quarter. Hedge funds and other institutional investors 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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