Horizon Bancorp (IN) (NASDAQ:HBNC) Raised to Buy at Wall Street Zen

Horizon Bancorp (IN) (NASDAQ:HBNC) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

Several other equities research analysts have also commented on HBNC. Keefe, Bruyette & Woods increased their price objective on shares of Horizon Bancorp (IN) from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. Zacks Research downgraded Horizon Bancorp (IN) from a “hold” rating to a “strong sell” rating in a research note on Monday, February 2nd. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Horizon Bancorp (IN) in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $20.33.

Horizon Bancorp (IN) Price Performance

HBNC opened at $15.81 on Friday. Horizon Bancorp has a 1 year low of $12.70 and a 1 year high of $19.07. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.95 and a quick ratio of 0.94. The company has a market capitalization of $809.95 million, a price-to-earnings ratio of -5.02 and a beta of 0.82. The firm’s fifty day moving average price is $17.30 and its two-hundred day moving average price is $16.82.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its earnings results on Wednesday, January 21st. The financial services provider reported $0.53 EPS for the quarter, beating the consensus estimate of $0.50 by $0.03. Horizon Bancorp (IN) had a negative net margin of 37.12% and a positive return on equity of 11.77%. The company had revenue of $64.53 million during the quarter, compared to the consensus estimate of $74.35 million. As a group, analysts anticipate that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue bought a new position in shares of Horizon Bancorp (IN) during the 3rd quarter valued at approximately $28,000. EverSource Wealth Advisors LLC raised its holdings in shares of 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 during the period. Tower Research Capital LLC TRC lifted its stake in Horizon Bancorp (IN) by 160.2% in 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 purchasing an additional 4,024 shares during the last quarter. Rossby Financial LCC bought a new position in Horizon Bancorp (IN) during the fourth quarter valued at $124,000. Finally, Raymond James Financial Inc. bought a new position in Horizon Bancorp (IN) during the second quarter valued at $134,000. 64.51% of the stock is currently owned by hedge funds and other institutional investors.

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.