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

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Friday.

Several other research firms have also commented on HBNC. Piper Sandler decreased their price target on shares of Horizon Bancorp from $18.00 to $17.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Keefe, Bruyette & Woods decreased their price target on shares of Horizon Bancorp from $18.00 to $17.00 and set a "market perform" rating for the company in a report on Friday, April 25th.

Horizon Bancorp Stock Up 2.3%

HBNC stock traded up $0.33 during mid-day trading on Friday, hitting $14.83. 165,512 shares of the company were exchanged, compared to its average volume of 168,980. The company has a market capitalization of $652.74 million, a PE ratio of 18.54 and a beta of 0.85. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.83. Horizon Bancorp has a twelve month low of $11.46 and a twelve month high of $19.18. The firm has a fifty day simple moving average of $14.52 and a 200 day simple moving average of $15.88.

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.14. The company had revenue of $69.17 million during the quarter, compared to analyst estimates of $64.52 million. Horizon Bancorp had a net margin of 9.86% and a return on equity of 8.48%. On average, research analysts forecast that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC lifted its position in Horizon Bancorp by 58.2% in the 4th quarter. Renaissance Technologies LLC now owns 89,716 shares of the financial services provider's stock valued at $1,445,000 after purchasing an additional 33,000 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Horizon Bancorp in the 4th quarter valued at about $602,000. Teacher Retirement System of Texas bought a new stake in Horizon Bancorp in the 4th quarter valued at about $669,000. Price T Rowe Associates Inc. MD lifted its position in Horizon Bancorp by 18.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,723 shares of the financial services provider's stock valued at $270,000 after purchasing an additional 2,638 shares during the last quarter. Finally, Hillsdale Investment Management Inc. bought a new stake in Horizon Bancorp in the 4th quarter valued at about $3,783,000. 64.51% of the stock is owned by institutional investors and hedge funds.

Horizon Bancorp 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.

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