Hovde Group Initiates Coverage on Horizon Bancorp (NASDAQ:HBNC)

Stock analysts at Hovde Group started coverage on shares of Horizon Bancorp (NASDAQ:HBNC) in a report issued on Monday, MarketBeat reports. The brokerage set an “outperform” rating and a $18.00 price target on the financial services provider’s stock. Hovde Group’s price target would suggest a potential upside of 20.64% from the stock’s current price.

Other research analysts also recently issued reports about the company. Piper Sandler boosted their price objective on Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods increased their target price on Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. Finally, StockNews.com raised Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Monday, September 23rd. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $16.00.

Horizon Bancorp Price Performance

HBNC stock opened at $14.92 on Monday. Horizon Bancorp has a 12-month low of $9.22 and a 12-month high of $16.64. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 2.02. The firm’s 50-day moving average price is $15.36 and its two-hundred day moving average price is $13.40. The stock has a market capitalization of $658.21 million, a price-to-earnings ratio of 27.63 and a beta of 1.04.

Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.01. The firm had revenue of $97.47 million during the quarter, compared to the consensus estimate of $55.03 million. Horizon Bancorp had a return on equity of 8.17% and a net margin of 5.50%. During the same period last year, the company earned $0.41 earnings per share. As a group, equities analysts predict that Horizon Bancorp will post 1.38 earnings per share for the current year.

Institutional Trading of Horizon Bancorp

A number of institutional investors have recently bought and sold shares of the stock. Foundry Partners LLC grew its holdings 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. Dimensional Fund Advisors LP increased its stake in Horizon Bancorp by 5.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,955,694 shares of the financial services provider’s stock worth $27,987,000 after purchasing an additional 94,332 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Horizon Bancorp by 16.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,347 shares of the financial services provider’s stock worth $159,000 after purchasing an additional 1,749 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Horizon Bancorp by 88,223.7% during the first quarter. Blue Trust Inc. now owns 67,126 shares of the financial services provider’s stock valued at $861,000 after purchasing an additional 67,050 shares during the period. Finally, Axxcess Wealth Management LLC increased its stake in Horizon Bancorp by 46.7% in the 1st quarter. Axxcess Wealth Management LLC now owns 15,523 shares of the financial services provider’s stock worth $199,000 after buying an additional 4,943 shares during the period. 64.51% of the stock is currently owned by institutional investors.

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.