Piper Sandler Increases Horizon Bancorp (IN) (NASDAQ:HBNC) Price Target to $18.00

Key Points

• Piper Sandler has raised the price target for Horizon Bancorp (IN) (NASDAQ: HBNC) from $17.00 to $18.00, indicating a potential upside of 14.58% from the stock's previous close.
• Despite the upgrade, other firms like Wall Street Zen have downgraded Horizon Bancorp to a "hold" rating, while Keefe, Bruyette & Woods maintained a "market perform" rating.
• Horizon Bancorp's stock is currently trading at $15.71, with shares seeing a slight increase of 0.6% on Monday, and the company has a market cap of $691.40 million.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) had its target price hoisted by equities researchers at Piper Sandler from $17.00 to $18.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the financial services provider's stock. Piper Sandler's price target indicates a potential upside of 14.58% from the stock's previous close.

A number of other brokerages also recently weighed in on HBNC. Keefe, Bruyette & Woods upped their price objective on Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a "market perform" rating in a research note on Friday. Wall Street Zen downgraded Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research report on Saturday.

Horizon Bancorp (IN) Stock Up 0.6%

Shares of HBNC stock traded up $0.09 on Monday, reaching $15.71. 57,353 shares of the company were exchanged, compared to its average volume of 166,130. The company has a market cap of $691.40 million, a price-to-earnings ratio of 13.42 and a beta of 0.84. The company has a 50-day moving average of $15.31 and a 200-day moving average of $15.46. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.76 and a quick ratio of 0.76. Horizon Bancorp has a one year low of $12.70 and a one year high of $19.18.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.03. The business had revenue of $66.27 million during the quarter, compared to the consensus estimate of $66.45 million. Horizon Bancorp (IN) had a return on equity of 10.30% and a net margin of 13.84%. Analysts anticipate that Horizon Bancorp will post 1.78 earnings per share for the current year.

Institutional Trading of Horizon Bancorp (IN)

Several hedge funds have recently bought and sold shares of the stock. Aquatic Capital Management LLC bought a new position in Horizon Bancorp (IN) in the 4th quarter worth about $51,000. Quarry LP lifted its position in Horizon Bancorp (IN) by 64.4% during the fourth 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. purchased a new stake in Horizon Bancorp (IN) during the fourth quarter valued at approximately $82,000. Quantbot Technologies LP lifted its position in Horizon Bancorp (IN) by 4,298.5% during the fourth quarter. Quantbot Technologies LP now owns 8,753 shares of the financial services provider's stock valued at $141,000 after acquiring an additional 8,554 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Horizon Bancorp (IN) in the fourth quarter worth $143,000. Hedge funds and other institutional investors own 64.51% of the company's stock.

Horizon Bancorp (IN) 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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