Piper Sandler Issues Pessimistic Forecast for Horizon Bancorp (NASDAQ:HBNC) Stock Price

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) had its target price lowered by equities research analysts at Piper Sandler from $18.00 to $17.00 in a report released on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the financial services provider's stock. Piper Sandler's target price would suggest a potential upside of 12.58% from the company's current price.

Separately, Keefe, Bruyette & Woods decreased their price objective on 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 2.4 %

HBNC traded up $0.36 during midday trading on Monday, hitting $15.10. The company had a trading volume of 128,717 shares, compared to its average volume of 166,062. The stock's 50 day moving average price is $14.83 and its 200 day moving average price is $16.17. The company has a market capitalization of $664.63 million, a price-to-earnings ratio of 18.88 and a beta of 0.87. 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 has a 52 week low of $11.46 and a 52 week high of $19.18.

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

Institutional Investors Weigh In On Horizon Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HBNC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Horizon Bancorp by 3.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,665 shares of the financial services provider's stock valued at $397,000 after purchasing an additional 792 shares in the last quarter. AMI Investment Management Inc. lifted its holdings in shares of Horizon Bancorp by 10.2% in the fourth quarter. AMI Investment Management Inc. now owns 11,932 shares of the financial services provider's stock worth $192,000 after buying an additional 1,109 shares in the last quarter. Meritage Portfolio Management grew its holdings in Horizon Bancorp by 5.5% during the 1st quarter. Meritage Portfolio Management now owns 23,491 shares of the financial services provider's stock worth $354,000 after acquiring an additional 1,231 shares in the last quarter. Jones Financial Companies Lllp raised its position in shares of Horizon Bancorp by 362.6% during the 4th quarter. Jones Financial Companies Lllp now owns 1,573 shares of the financial services provider's stock worth $25,000 after purchasing an additional 1,233 shares during the last quarter. Finally, Quarry LP lifted its stake in Horizon Bancorp by 64.4% during the 4th quarter. Quarry LP now owns 3,450 shares of the financial services provider's stock worth $56,000 after acquiring an additional 1,352 shares in 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.