Wall Street Zen Upgrades Horizon Bancorp (IN) (NASDAQ:HBNC) to "Buy"

Key Points

• Wall Street Zen upgraded Horizon Bancorp (NASDAQ: HBNC) from "hold" to "buy" in a Sunday research note.
• The broader analyst view remains cautious overall: MarketBeat shows an average "hold" rating with a consensus price target of $20.67, and only two analysts currently rate the stock a Buy.
• Horizon Bancorp recently beat earnings expectations, reporting $0.51 EPS versus the $0.48 estimate, while the stock opened at $18.49 and sits near its 52-week high of $19.07.

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

Several other equities research analysts have also weighed in on the company. Piper Sandler reissued a "neutral" rating and issued a $21.00 price objective (down from $22.00) on shares of Horizon Bancorp (IN) in a report on Monday, April 27th. Zacks Research raised shares of Horizon Bancorp (IN) from a "strong sell" rating to a "hold" rating in a report on Friday, March 27th. Keefe, Bruyette & Woods lifted their target price on shares of Horizon Bancorp (IN) from $19.00 to $21.00 and gave the stock an "outperform" rating in a research note on Friday, January 23rd. Stephens began coverage on shares of Horizon Bancorp (IN) in a research report on Friday, March 27th. They issued an "overweight" rating and a $20.00 price target on the stock. Finally, Weiss Ratings upgraded shares of Horizon Bancorp (IN) from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, April 24th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $20.67.

Horizon Bancorp (IN) Stock Performance

NASDAQ:HBNC opened at $18.49 on Friday. Horizon Bancorp has a 1-year low of $14.34 and a 1-year high of $19.07. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.59. The stock's 50-day moving average is $17.04 and its 200-day moving average is $17.11. The stock has a market cap of $947.24 million, a P/E ratio of -5.81 and a beta of 0.83.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.48 by $0.03. The business had revenue of $73.48 million during the quarter, compared to the consensus estimate of $76.11 million. Horizon Bancorp (IN) had a positive return on equity of 12.35% and a negative net margin of 37.28%. Equities research analysts anticipate that Horizon Bancorp will post 2.1 earnings per share for the current year.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Several hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its stake in Horizon Bancorp (IN) by 65.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider's stock worth $28,000 after purchasing an additional 660 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in shares of Horizon Bancorp (IN) in the third quarter worth $28,000. Tower Research Capital LLC TRC boosted its stake in Horizon Bancorp (IN) by 160.2% during the second quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider's stock valued at $101,000 after buying an additional 4,024 shares during the period. Rossby Financial LCC purchased a new position in Horizon Bancorp (IN) during the fourth quarter worth about $124,000. Finally, Raymond James Financial Inc. purchased a new position in Horizon Bancorp (IN) during the second quarter worth about $134,000. Hedge funds and other institutional investors own 64.51% of the company's stock.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp NASDAQ: HBNC is a financial holding company headquartered in Columbus, Indiana, offering community banking and wealth management services through its subsidiary, Horizon Bank. As a locally focused institution, it provides a full range of retail and commercial banking products, including checking and savings accounts, consumer and mortgage lending, commercial real estate financing, and treasury management solutions.

In addition to traditional deposit and loan products, Horizon Bancorp's services encompass investment advisory and trust administration, retirement planning, and insurance products.

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