Zacks Research Downgrades Horizon Bancorp (IN) (NASDAQ:HBNC) to Hold

Horizon Bancorp (IN) (NASDAQ:HBNC) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on the company. Stephens lifted their target price on Horizon Bancorp (IN) from $19.00 to $22.00 and gave the stock an “overweight” rating in a report on Tuesday, September 2nd. Weiss Ratings reissued a “sell (d)” rating on shares of Horizon Bancorp (IN) in a research note on Monday. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Horizon Bancorp (IN) in a research note on Tuesday. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $19.67.

Horizon Bancorp (IN) Price Performance

Shares of HBNC stock traded up $0.23 during mid-day trading on Monday, hitting $17.48. 30,924 shares of the stock traded hands, compared to its average volume of 244,418. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market cap of $895.33 million, a price-to-earnings ratio of -4.44 and a beta of 0.84. The company’s 50-day simple moving average is $16.05 and its 200-day simple moving average is $15.80. Horizon Bancorp has a twelve month low of $12.70 and a twelve month high of $18.54.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $0.30 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.16). The business had revenue of $59.98 million during the quarter, compared to the consensus estimate of $69.34 million. Horizon Bancorp (IN) had a positive return on equity of 10.01% and a negative net margin of 51.01%. As a group, equities research analysts expect that Horizon Bancorp will post 1.78 earnings per share for the current year.

Institutional Investors Weigh In On Horizon Bancorp (IN)

A number of hedge funds and other institutional investors have recently made changes to their positions in HBNC. State of Alaska Department of Revenue bought a new position in Horizon Bancorp (IN) during the third quarter valued at approximately $28,000. Tower Research Capital LLC TRC grew its stake in Horizon Bancorp (IN) by 160.2% in the 2nd 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 last quarter. Raymond James Financial Inc. bought a new position in Horizon Bancorp (IN) in the 2nd quarter worth $134,000. Quadrant Capital Group LLC acquired a new position in Horizon Bancorp (IN) during the 3rd quarter worth $140,000. Finally, New York State Common Retirement Fund grew its position in shares of Horizon Bancorp (IN) by 17.9% in the third quarter. New York State Common Retirement Fund now owns 10,514 shares of the financial services provider’s stock valued at $168,000 after purchasing an additional 1,600 shares during the last quarter. 64.51% of the stock is owned by hedge funds and other institutional investors.

About Horizon Bancorp (IN)

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.