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

Key Points

• Wall Street Zen upgraded Horizon Bancorp (IN) to “Buy” from “Hold.” However, the broader analyst consensus remains “Hold,” with a $22.33 average price target.
• Horizon Bancorp shares opened at $20.36, up 1.5%, near their 52-week high of $20.66. The company has a market capitalization of approximately $1.05 billion.
• The bank slightly missed quarterly expectations, reporting $0.49 EPS versus $0.51 expected and revenue of $75.50 million versus $76.56 million estimated. Institutional investors own 64.51% of the company.

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

HBNC has been the topic of a number of other research reports. Piper Sandler reissued a "neutral" rating and issued a $23.00 target price (up from $21.00) on shares of Horizon Bancorp (IN) in a report on Friday. Weiss Ratings cut Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, July 21st. Stephens reaffirmed an "overweight" rating and set a $21.00 price target on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods boosted their price objective on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an "outperform" rating in a research report on Friday. Two 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, Horizon Bancorp (IN) currently has an average rating of "Hold" and a consensus price target of $22.33.

Horizon Bancorp (IN) Stock Up 1.5%

HBNC stock opened at $20.36 on Tuesday. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of -6.44 and a beta of 0.82. Horizon Bancorp has a 1-year low of $14.84 and a 1-year high of $20.66. The firm has a fifty day moving average price of $19.40 and a two-hundred day moving average price of $18.08. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.90.

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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.51 by ($0.02). Horizon Bancorp (IN) had a positive return on equity of 13.52% and a negative net margin of 36.38%.The business had revenue of $75.50 million during the quarter, compared to the consensus estimate of $76.56 million. Research analysts predict that Horizon Bancorp will post 2.09 EPS for the current year.

Institutional Trading of Horizon Bancorp (IN)

Hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Horizon Bancorp (IN) by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider's stock worth $388,000 after buying an additional 1,057 shares during the last quarter. Empowered Funds LLC increased its position in Horizon Bancorp (IN) by 28.5% during the first quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider's stock worth $2,269,000 after acquiring an additional 33,355 shares during the period. Jane Street Group LLC acquired a new position in Horizon Bancorp (IN) during the 1st quarter valued at $1,231,000. Rhumbline Advisers boosted its holdings in Horizon Bancorp (IN) by 3.2% in the 2nd quarter. Rhumbline Advisers now owns 68,401 shares of the financial services provider's stock valued at $1,052,000 after purchasing an additional 2,093 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Horizon Bancorp (IN) during the 2nd quarter worth about $816,000. 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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