Horizon Bancorp (IN) (NASDAQ:HBNC) Receives "Hold (C)" Rating from Weiss Ratings

Key Points

• Horizon Bancorp (IN) has received a "hold (C)" rating from Weiss Ratings, while other analysts have raised their ratings, with Keefe, Bruyette & Woods upgrading it to "outperform" with a target price of $19.00.
• The company reported a quarterly earnings per share of $0.47, exceeding expectations and showing a net margin of 13.84% and a return on equity of 10.21%.
• Horizon Bancorp has a market capitalization of $712.62 million and is experiencing increased interest from institutional investors, with 64.51% of shares owned by these entities.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report)'s stock had its "hold (c)" rating reissued by investment analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Other analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods raised shares of Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and upped their target price for the company from $18.00 to $19.00 in a research note on Tuesday, August 26th. Stephens upped their target price on shares of Horizon Bancorp (IN) from $19.00 to $22.00 and gave the company an "overweight" rating in a research note on Tuesday, September 2nd. Piper Sandler upped their target price on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Finally, Wall Street Zen cut shares of Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.67.

Horizon Bancorp (IN) Stock Performance

NASDAQ:HBNC opened at $16.16 on Wednesday. The firm's 50-day moving average is $16.10 and its 200-day moving average is $15.36. Horizon Bancorp has a 52-week low of $12.70 and a 52-week high of $19.18. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.76 and a current ratio of 0.76. The company has a market cap of $712.62 million, a price-to-earnings ratio of 13.81 and a beta of 0.81.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.03. Horizon Bancorp (IN) had a net margin of 13.84% and a return on equity of 10.21%. The company had revenue of $66.27 million for the quarter, compared to the consensus estimate of $66.45 million. Equities research analysts anticipate that Horizon Bancorp will post 1.78 earnings per share for the current year.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Large investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC lifted its holdings in Horizon Bancorp (IN) by 160.2% in the second quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider's stock valued at $101,000 after buying an additional 4,024 shares during the period. Raymond James Financial Inc. acquired a new position in Horizon Bancorp (IN) in the second quarter valued at approximately $134,000. CX Institutional acquired a new position in Horizon Bancorp (IN) in the first quarter valued at approximately $153,000. AlphaQuest LLC lifted its holdings in Horizon Bancorp (IN) by 394.0% in the second quarter. AlphaQuest LLC now owns 12,260 shares of the financial services provider's stock valued at $189,000 after buying an additional 9,778 shares during the period. Finally, Quantbot Technologies LP lifted its holdings in Horizon Bancorp (IN) by 49.0% in the first quarter. Quantbot Technologies LP now owns 13,046 shares of the financial services provider's stock valued at $197,000 after buying an additional 4,293 shares during the period. 64.51% of the stock is currently owned by institutional investors and hedge funds.

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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