Horizon Bancorp (NASDAQ:HBNC) Lowered to "Hold" Rating by Wall Street Zen

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Friday.

Several other equities research analysts have also recently commented on the stock. Piper Sandler cut their price objective on shares of Horizon Bancorp from $18.00 to $17.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. Keefe, Bruyette & Woods cut their price objective on shares of Horizon Bancorp from $18.00 to $17.00 and set a "market perform" rating on the stock in a research report on Friday, April 25th.

Horizon Bancorp Stock Up 1.7%

HBNC traded up $0.25 during trading on Friday, hitting $15.08. The company had a trading volume of 144,258 shares, compared to its average volume of 169,096. The company has a market capitalization of $663.75 million, a PE ratio of 18.85 and a beta of 0.85. Horizon Bancorp has a one year low of $11.46 and a one year high of $19.18. The firm's 50-day moving average price is $14.52 and its 200 day moving average price is $15.85. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.83.

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.54 EPS for the quarter, beating the consensus estimate of $0.40 by $0.14. The business had revenue of $69.17 million for the quarter, compared to analysts' expectations of $64.52 million. Horizon Bancorp had a net margin of 9.86% and a return on equity of 8.48%. As a group, equities analysts expect that Horizon Bancorp will post 1.78 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of HBNC. Jones Financial Companies Lllp grew its stake in Horizon Bancorp by 362.6% in the 4th quarter. Jones Financial Companies Lllp now owns 1,573 shares of the financial services provider's stock valued at $25,000 after buying an additional 1,233 shares during the last quarter. Aquatic Capital Management LLC bought a new position in Horizon Bancorp in the 4th quarter valued at approximately $51,000. Quarry LP lifted its stake in shares of Horizon Bancorp 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 during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Horizon Bancorp in the 4th quarter valued at $82,000. Finally, POM Investment Strategies LLC bought a new position in shares of Horizon Bancorp in the 4th quarter valued at $92,000. 64.51% of the stock is currently owned by institutional investors and hedge funds.

About Horizon Bancorp

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.