Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Rating Upgraded by Keefe, Bruyette & Woods

Key Points

• Horizon Bancorp has been upgraded from a "market perform" to an "outperform" rating by Keefe, Bruyette & Woods, with a new price target of $19.00, suggesting a potential upside of 21.33% from the previous close.
• The company reported earnings of $0.47 per share for the recent quarter, exceeding analysts' expectations of $0.44, despite revenue falling slightly short of projections.
• Institutional investors hold 64.51% of Horizon Bancorp's stock, with several hedge funds increasing their positions recently, reflecting strong interest in the company.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) was upgraded by research analysts at Keefe, Bruyette & Woods from a "market perform" rating to an "outperform" rating in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has a $19.00 price target on the financial services provider's stock, up from their previous price target of $18.00. Keefe, Bruyette & Woods' price target would indicate a potential upside of 12.69% from the stock's previous close.

HBNC has been the topic of a number of other research reports. Wall Street Zen downgraded Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Piper Sandler upped their target price on Horizon Bancorp (IN) from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.33.

Horizon Bancorp (IN) Trading Down 0.1%

NASDAQ:HBNC traded down $0.02 during mid-day trading on Tuesday, reaching $16.86. 363,033 shares of the company's stock traded hands, compared to its average volume of 483,636. Horizon Bancorp has a 12-month low of $12.70 and a 12-month high of $19.18. The firm has a market capitalization of $743.53 million, a price-to-earnings ratio of 14.41 and a beta of 0.87. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.76 and a quick ratio of 0.76. The company has a 50 day moving average price of $15.78 and a 200-day moving average price of $15.35.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.03. Horizon Bancorp (IN) had a return on equity of 10.21% and a net margin of 13.84%.The company had revenue of $66.27 million for the quarter, compared to the consensus estimate of $66.45 million. On average, sell-side analysts predict that Horizon Bancorp will post 1.78 earnings per share for the current year.

Institutional Trading of Horizon Bancorp (IN)

Hedge funds have recently made changes to their positions in the stock. Aquatic Capital Management LLC bought a new position in Horizon Bancorp (IN) in the 4th quarter valued at approximately $51,000. Quarry LP lifted its position in Horizon Bancorp (IN) by 64.4% in the 4th quarter. Quarry LP now owns 3,450 shares of the financial services provider's stock valued at $56,000 after acquiring an additional 1,352 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Horizon Bancorp (IN) in the 4th quarter valued at approximately $82,000. Tower Research Capital LLC TRC lifted its position in Horizon Bancorp (IN) by 160.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider's stock valued at $101,000 after acquiring an additional 4,024 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Horizon Bancorp (IN) in the 2nd quarter valued at approximately $134,000. 64.51% of the stock is owned by institutional investors.

Horizon Bancorp (IN) Company Profile

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.