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

Key Points

• Horizon Bancorp (NASDAQ: HBNC) was upgraded by Wall Street Zen from “hold” to “buy”, adding to a mixed but generally neutral analyst backdrop.
• Recent analyst sentiment remains cautious overall: the stock has two Buy ratings and three Hold ratings, with a consensus price target of $21.00.
• The company reported Q1 EPS of $0.51, beating estimates, while shares recently traded at $19.58, below the consensus target and near their 52-week high of $20.50.

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

Other research analysts also recently issued research reports about the stock. Weiss Ratings raised shares of Horizon Bancorp (IN) from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, July 6th. Stephens reiterated an "overweight" rating and issued a $21.00 target price on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Piper Sandler reissued a "neutral" rating and set a $21.00 price target (down from $22.00) on shares of Horizon Bancorp (IN) in a research note on Monday, April 27th. Finally, Zacks Research upgraded Horizon Bancorp (IN) from a "strong sell" rating to a "hold" rating in a report on Friday, March 27th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $21.00.

Horizon Bancorp (IN) Price Performance

HBNC traded up $0.10 during trading on Friday, reaching $19.58. 484,092 shares of the company traded hands, compared to its average volume of 844,038. The company has a market cap of $1.01 billion, a P/E ratio of -6.16 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.90 and a current ratio of 0.91. Horizon Bancorp has a 12-month low of $14.84 and a 12-month high of $20.50. The firm has a fifty day simple moving average of $18.96 and a 200 day simple moving average of $17.86.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.48 by $0.03. The firm had revenue of $73.48 million during the quarter, compared to analyst estimates of $76.11 million. Horizon Bancorp (IN) had a negative net margin of 37.28% and a positive return on equity of 12.41%. On average, equities analysts forecast that Horizon Bancorp will post 2.1 EPS for the current year.

Hedge Funds Weigh In On Horizon Bancorp (IN)

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Horizon Bancorp (IN) by 5.9% during the fourth quarter. Vanguard Group Inc. now owns 3,189,417 shares of the financial services provider's stock valued at $54,093,000 after acquiring an additional 176,448 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Horizon Bancorp (IN) by 3.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,568,101 shares of the financial services provider's stock worth $41,116,000 after purchasing an additional 75,462 shares during the period. PL Capital Advisors LLC raised its position 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 during the period. Jennison Associates LLC lifted its stake in Horizon Bancorp (IN) by 29.3% in the first quarter. Jennison Associates LLC now owns 1,605,798 shares of the financial services provider's stock worth $26,608,000 after purchasing an additional 363,433 shares during the last quarter. Finally, Wellington Management Group LLP bought a new stake in Horizon Bancorp (IN) in the third quarter worth about $24,842,000. Hedge funds and other 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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