Piper Sandler Cuts Horizon Bancorp (NASDAQ:HBNC) Price Target to $17.00

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) had its price target lowered by research analysts at Piper Sandler from $18.00 to $17.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a "neutral" rating on the financial services provider's stock. Piper Sandler's target price points to a potential upside of 15.33% from the stock's previous close.

Separately, Keefe, Bruyette & Woods decreased 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 report on Friday, April 25th.

Horizon Bancorp Price Performance

Shares of NASDAQ:HBNC traded up $0.06 during trading on Monday, reaching $14.74. 127,585 shares of the company's stock traded hands, compared to its average volume of 165,996. 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 fifty-two week low of $11.46 and a fifty-two week high of $19.18. The company has a 50-day simple moving average of $14.86 and a 200-day simple moving average of $16.18. The firm has a market cap of $648.78 million, a PE ratio of 18.43 and a beta of 0.87.

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) last issued 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 company had revenue of $69.17 million for the quarter, compared to analyst estimates of $64.52 million. Horizon Bancorp had a return on equity of 8.48% and a net margin of 9.86%. As a group, analysts predict that Horizon Bancorp will post 1.78 earnings per share for the current year.

Institutional Investors Weigh In On Horizon Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in HBNC. Jane Street Group LLC lifted its stake in shares of Horizon Bancorp by 32.0% in the third quarter. Jane Street Group LLC now owns 57,068 shares of the financial services provider's stock worth $887,000 after buying an additional 13,827 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Horizon Bancorp by 5.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,053,625 shares of the financial services provider's stock worth $16,387,000 after purchasing an additional 52,423 shares during the last quarter. Barclays PLC grew its position in shares of Horizon Bancorp by 62.7% in the third quarter. Barclays PLC now owns 109,553 shares of the financial services provider's stock valued at $1,704,000 after purchasing an additional 42,218 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Horizon Bancorp by 7.0% in the third quarter. Franklin Resources Inc. now owns 25,996 shares of the financial services provider's stock valued at $399,000 after purchasing an additional 1,703 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Horizon Bancorp by 37.4% during the third quarter. JPMorgan Chase & Co. now owns 106,609 shares of the financial services provider's stock worth $1,658,000 after buying an additional 28,999 shares in the last quarter. Institutional investors and hedge funds own 64.51% of the company's stock.

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.