Horizon Bancorp (NASDAQ:HBNC) Lowered to Sell at StockNews.com

Horizon Bancorp (NASDAQ:HBNC) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

A number of other equities research analysts have also recently issued reports on HBNC. Piper Sandler upped their price objective on shares of Horizon Bancorp from $13.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods upped their price target on Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Finally, Hovde Group assumed coverage on Horizon Bancorp in a research note on Monday, September 30th. They issued an “outperform” rating and a $18.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $16.00.

Horizon Bancorp Stock Up 6.0 %

Shares of NASDAQ HBNC traded up $0.91 during trading hours on Thursday, hitting $16.02. The stock had a trading volume of 231,974 shares, compared to its average volume of 160,457. The firm’s 50-day moving average price is $15.41 and its two-hundred day moving average price is $13.70. Horizon Bancorp has a 52 week low of $9.22 and a 52 week high of $16.64. The company has a market capitalization of $706.74 million, a P/E ratio of 29.67 and a beta of 1.04. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.88 and a current ratio of 0.88.

Horizon Bancorp (NASDAQ:HBNC) last posted its earnings results on Wednesday, July 24th. The financial services provider reported $0.32 EPS for the quarter, topping the consensus estimate of $0.31 by $0.01. The company had revenue of $97.47 million during the quarter, compared to the consensus estimate of $55.03 million. Horizon Bancorp had a net margin of 5.50% and a return on equity of 8.17%. During the same period in the previous year, the firm posted $0.41 earnings per share. Analysts anticipate that Horizon Bancorp will post 1.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Horizon Bancorp

A number of institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its holdings in Horizon Bancorp by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,276,566 shares of the financial services provider’s stock valued at $28,160,000 after buying an additional 135,217 shares during the last quarter. PL Capital Advisors LLC boosted its position in shares of Horizon Bancorp by 6.8% in the first quarter. PL Capital Advisors LLC now owns 1,623,174 shares of the financial services provider’s stock valued at $20,825,000 after acquiring an additional 103,084 shares during the period. Blue Trust Inc. grew its stake in shares of Horizon Bancorp by 88,223.7% in the first quarter. Blue Trust Inc. now owns 67,126 shares of the financial services provider’s stock worth $861,000 after acquiring an additional 67,050 shares during the last quarter. AQR Capital Management LLC increased its position in Horizon Bancorp by 11.9% during the second quarter. AQR Capital Management LLC now owns 478,205 shares of the financial services provider’s stock worth $5,915,000 after acquiring an additional 50,666 shares during the period. Finally, Foundry Partners LLC raised its stake in Horizon Bancorp by 67.6% during the 2nd quarter. Foundry Partners LLC now owns 124,360 shares of the financial services provider’s stock valued at $1,538,000 after purchasing an additional 50,143 shares during 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.