Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Rating Lowered by Wall Street Zen

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

Other equities analysts have also issued reports about the stock. Stephens reaffirmed an “overweight” rating and set a $21.00 target price on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Piper Sandler restated a “neutral” rating and set a $23.00 price target (up from $21.00) on shares of Horizon Bancorp (IN) in a research report on Friday, July 24th. Weiss Ratings raised shares of Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday. Finally, 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. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Horizon Bancorp (IN) has an average rating of “Hold” and an average price target of $22.33.

Horizon Bancorp (IN) Price Performance

Shares of HBNC stock opened at $20.42 on Friday. Horizon Bancorp has a twelve month low of $14.84 and a twelve month high of $21.04. The stock has a market cap of $1.05 billion, a P/E ratio of -6.46 and a beta of 0.82. The stock has a 50 day moving average of $19.80 and a 200 day moving average of $18.30. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.22.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.02). Horizon Bancorp (IN) had a positive return on equity of 13.52% and a negative net margin of 36.38%.The company had revenue of $75.50 million during the quarter, compared to analysts’ expectations of $76.56 million. As a group, sell-side analysts expect that Horizon Bancorp will post 2.07 EPS for the current year.

Insider Buying and Selling at Horizon Bancorp (IN)

In other news, EVP Kathie A. Deruiter sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $20.19, for a total transaction of $161,520.00. Following the completion of the transaction, the executive vice president directly owned 50,346 shares of the company’s stock, valued at $1,016,485.74. This represents a 13.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 1.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Horizon Bancorp (IN)

A number of institutional investors have recently added to or reduced their stakes in the stock. Bayview Asset Management LLC boosted its stake in Horizon Bancorp (IN) by 0.7% during the 4th quarter. Bayview Asset Management LLC now owns 95,462 shares of the financial services provider’s stock worth $1,619,000 after purchasing an additional 645 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Horizon Bancorp (IN) by 65.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock valued at $28,000 after buying an additional 660 shares during the last quarter. Rafferty Asset Management LLC raised its position in shares of Horizon Bancorp (IN) by 3.9% in the second quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider’s stock valued at $382,000 after buying an additional 941 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Horizon Bancorp (IN) by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock valued at $388,000 after buying an additional 1,057 shares during the last quarter. Finally, Sanctuary Advisors LLC lifted its stake in shares of Horizon Bancorp (IN) by 9.6% in the fourth quarter. Sanctuary Advisors LLC now owns 14,845 shares of the financial services provider’s stock worth $252,000 after buying an additional 1,298 shares in the last quarter. Institutional investors and hedge funds 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.