Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Price Expected to Rise, Stephens Analyst Says

Horizon Bancorp (IN) (NASDAQ:HBNC) had its price target hoisted by research analysts at Stephens from $23.00 to $24.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Stephens‘s price target would suggest a potential upside of 17.82% from the stock’s current price.

Other research analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research note on Sunday, August 16th. Piper Sandler reissued an “overweight” rating and issued a $25.00 price objective (up from $24.00) on shares of Horizon Bancorp (IN) in a research note on Friday. Keefe, Bruyette & Woods upped their price objective on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Finally, Weiss Ratings cut shares of Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Horizon Bancorp (IN) Stock Performance

Shares of NASDAQ:HBNC opened at $20.37 on Monday. The company has a market cap of $1.05 billion, a PE ratio of 9.75 and a beta of 0.84. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.21. The company’s 50 day moving average is $19.50 and its two-hundred day moving average is $19.25. Horizon Bancorp has a 52 week low of $15.42 and a 52 week high of $21.04.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its earnings results on Wednesday, October 21st. The financial services provider reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.02. Horizon Bancorp (IN) had a return on equity of 15.14% and a net margin of 26.52%. The firm had revenue of $77.09 million during the quarter, compared to analysts’ expectations of $77.99 million. Equities analysts predict that Horizon Bancorp will post 2.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Horizon Bancorp (IN)

Several hedge funds have recently modified their holdings of HBNC. Allworth Financial LP purchased a new stake in shares of Horizon Bancorp (IN) during the 2nd quarter worth about $31,000. Integrated Wealth Concepts LLC bought a new position in shares of Horizon Bancorp (IN) in the 2nd quarter worth about $52,000. Royal Bank of Canada lifted its stake in Horizon Bancorp (IN) by 93.5% in the first quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock valued at $48,000 after buying an additional 1,388 shares during the last quarter. Quantbot Technologies LP acquired a new position in Horizon Bancorp (IN) during the 2nd quarter worth $70,000. Finally, AMG National Trust Bank acquired a new stake in shares of Horizon Bancorp (IN) in the second quarter valued at $200,000. 64.51% of the stock is owned by institutional investors and hedge funds.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp, Inc is a bank holding company headquartered in Michigan City, Indiana. Through its principal subsidiary, Horizon Bank, the company provides banking and financial services to individuals, families, businesses and public-sector organizations.

Horizon Bank offers deposit accounts, consumer and commercial lending, residential mortgage services, cash-management and treasury-management solutions, online and mobile banking, and other customary banking products. Its lending activities include commercial real estate, business, residential real estate and consumer loans.

Founded in 1873, Horizon has developed as a community banking organization serving customers through branches and other delivery channels in northern and central Indiana and southwestern Michigan.