Wall Street Zen Downgrades Horizon Bancorp (IN) (NASDAQ:HBNC) to Hold

Key Points

• Wall Street Zen downgraded Horizon Bancorp (IN) from a "buy" rating to a "hold" rating, signaling a change in sentiment among analysts.
• Piper Sandler also lowered their target price for the stock from $18.00 to $17.00, while Keefe, Bruyette & Woods raised it from $17.00 to $18.00.
• Horizon Bancorp reported $0.47 earnings per share for the last quarter, exceeding expectations by $0.03, while revenue was slightly below expectations at $66.27 million.

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

A number of other research analysts have also recently issued reports on the stock. Piper Sandler cut their target price on shares of Horizon Bancorp (IN) from $18.00 to $17.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Keefe, Bruyette & Woods lifted their target price on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a "market perform" rating in a research note on Friday.

Horizon Bancorp (IN) Stock Up 1.1%

NASDAQ HBNC opened at $15.62 on Friday. Horizon Bancorp has a 1-year low of $12.70 and a 1-year high of $19.18. The stock's 50 day moving average is $15.31 and its two-hundred day moving average is $15.46. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $687.44 million, a price-to-earnings ratio of 13.35 and a beta of 0.84.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last posted its 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. Horizon Bancorp (IN) had a net margin of 13.84% and a return on equity of 10.30%. The company had revenue of $66.27 million during the quarter, compared to analysts' expectations of $66.45 million. Equities analysts forecast that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Horizon Bancorp (IN) by 3.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,665 shares of the financial services provider's stock worth $397,000 after purchasing an additional 792 shares during the last quarter. Meritage Portfolio Management raised its position in shares of Horizon Bancorp (IN) by 5.5% during the 1st quarter. Meritage Portfolio Management now owns 23,491 shares of the financial services provider's stock valued at $354,000 after acquiring an additional 1,231 shares during the last quarter. Quarry LP raised its position in shares of Horizon Bancorp (IN) by 64.4% during the 4th 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. Occudo Quantitative Strategies LP raised its position in shares of Horizon Bancorp (IN) by 9.4% during the 4th quarter. Occudo Quantitative Strategies LP now owns 20,525 shares of the financial services provider's stock valued at $331,000 after acquiring an additional 1,759 shares during the last quarter. Finally, Rhino Investment Partners Inc raised its position in shares of Horizon Bancorp (IN) by 0.4% during the 4th quarter. Rhino Investment Partners Inc now owns 530,363 shares of the financial services provider's stock valued at $8,544,000 after acquiring an additional 2,104 shares during the last quarter. 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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