Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Horizon Bancorp (IN) (NASDAQ:HBNC) had its price target upped by stock analysts at Keefe, Bruyette & Woods from $21.00 to $23.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 13.77% from the stock’s previous close.

HBNC has been the topic of a number of other research reports. Zacks Research raised Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Weiss Ratings downgraded shares of Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday. Piper Sandler restated a “neutral” rating and issued a $23.00 price target (up from $21.00) on shares of Horizon Bancorp (IN) in a research report on Friday. Stephens reaffirmed an “overweight” rating and set a $21.00 price objective on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Finally, Wall Street Zen lowered shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research note on Monday. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $22.33.

Horizon Bancorp (IN) Stock Up 0.8%

HBNC traded up $0.17 during trading on Friday, hitting $20.22. The company had a trading volume of 485,507 shares, compared to its average volume of 452,413. The company has a market cap of $1.04 billion, a PE ratio of -6.40 and a beta of 0.82. The business has a 50-day moving average of $19.30 and a 200-day moving average of $18.04. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.90. Horizon Bancorp has a 1-year low of $14.84 and a 1-year high of $20.66.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.02). The company had revenue of $75.50 million for the quarter, compared to analyst estimates of $76.56 million. Horizon Bancorp (IN) had a positive return on equity of 13.52% and a negative net margin of 36.38%. As a group, analysts forecast that Horizon Bancorp will post 2.09 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Horizon Bancorp (IN) by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock valued at $388,000 after acquiring an additional 1,057 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Horizon Bancorp (IN) by 28.5% in the first quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider’s stock valued at $2,269,000 after buying an additional 33,355 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Horizon Bancorp (IN) during the 1st quarter worth $1,231,000. Rhumbline Advisers raised its position in shares of Horizon Bancorp (IN) by 3.2% during the second quarter. Rhumbline Advisers now owns 68,401 shares of the financial services provider’s stock worth $1,052,000 after purchasing an additional 2,093 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Horizon Bancorp (IN) during the second quarter valued at $816,000. Institutional investors own 64.51% of the company’s stock.

About Horizon Bancorp (IN)

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.