Horizon Bancorp (NASDAQ:HBNC) Cut to Sell at StockNews.com

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) was downgraded by StockNews.com from a "hold" rating to a "sell" rating in a research note issued on Wednesday.

A number of other research firms have also weighed in on HBNC. Stephens reaffirmed an "overweight" rating and set a $12.00 target price on shares of Horizon Bancorp in a report on Wednesday, December 13th. Piper Sandler boosted their price objective on Horizon Bancorp from $13.00 to $14.00 and gave the stock a "neutral" rating in a report on Wednesday, December 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $13.00.

Horizon Bancorp Price Performance

HBNC stock traded down $0.74 during mid-day trading on Wednesday, reaching $11.37. 264,755 shares of the company traded hands, compared to its average volume of 161,809. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $501.53 million, a P/E ratio of 17.77 and a beta of 1.02. Horizon Bancorp has a 52-week low of $7.69 and a 52-week high of $14.71. The company has a fifty day moving average price of $12.26 and a 200-day moving average price of $12.00.

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) last posted its earnings results on Wednesday, January 24th. The financial services provider reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.04. The business had revenue of $21.81 million during the quarter, compared to analyst estimates of $51.50 million. Horizon Bancorp had a return on equity of 9.42% and a net margin of 8.63%. As a group, analysts anticipate that Horizon Bancorp will post 1.33 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Point72 Hong Kong Ltd bought a new position in Horizon Bancorp during the first quarter valued at approximately $31,000. Captrust Financial Advisors grew its position in Horizon Bancorp by 53.9% during the first quarter. Captrust Financial Advisors now owns 3,399 shares of the financial services provider's stock valued at $63,000 after acquiring an additional 1,191 shares during the last quarter. Great West Life Assurance Co. Can grew its position in Horizon Bancorp by 31.5% during the first quarter. Great West Life Assurance Co. Can now owns 4,271 shares of the financial services provider's stock valued at $83,000 after acquiring an additional 1,022 shares during the last quarter. Royal Bank of Canada grew its position in Horizon Bancorp by 89.1% during the second quarter. Royal Bank of Canada now owns 4,950 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 2,332 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Horizon Bancorp by 969.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,048 shares of the financial services provider's stock valued at $72,000 after acquiring an additional 4,576 shares during the last quarter. 64.51% of the stock is currently owned by institutional investors.

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.