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

Key Points

• Wall Street Zen downgraded Horizon Bancorp from “buy” to “hold.” Despite some analysts raising price targets, the broader consensus remains “Hold,” with an average target of $22.33.
• Horizon Bancorp reported quarterly EPS of $0.49, below the $0.51 analyst consensus, while revenue of $75.5 million also missed estimates. Shares opened at $20.42, near their 12-month high of $21.04.
• Executive Vice President Kathie A. Deruiter sold 8,000 shares for approximately $161,520, while institutional investors own 64.51% of the company’s stock.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

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

Horizon Bancorp (IN) Trading Down 0.3%

Shares of Horizon Bancorp (IN) stock opened at $20.42 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. Horizon Bancorp has a 12-month low of $14.84 and a 12-month high of $21.04. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of -6.46 and a beta of 0.82. The firm's 50-day moving average price is $19.80 and its two-hundred day moving average price is $18.29.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last posted 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). The business had revenue of $75.50 million for the quarter, compared to analyst estimates of $76.56 million. Horizon Bancorp (IN) had a positive return on equity of 13.52% and a negative net margin of 36.38%. On average, analysts forecast that Horizon Bancorp will post 2.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Horizon Bancorp (IN)

In other news, EVP Kathie A. Deruiter sold 8,000 shares of the company's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $20.19, for a total transaction of $161,520.00. Following the transaction, the executive vice president directly owned 50,346 shares of the company's stock, valued at $1,016,485.74. This represents a 13.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Several large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC raised its stake in shares of 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 purchasing an additional 660 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Horizon Bancorp (IN) by 93.5% in the first quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider's stock valued at $48,000 after purchasing an additional 1,388 shares in the last quarter. Tower Research Capital LLC TRC boosted its position 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 valued at $101,000 after buying an additional 4,024 shares during the last quarter. Rossby Financial LCC purchased a new position in Horizon Bancorp (IN) during the 4th quarter worth $124,000. Finally, Raymond James Financial Inc. purchased a new position in Horizon Bancorp (IN) during the second quarter worth about $134,000. 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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