Piper Sandler Has Lowered Expectations for Horizon Bancorp (NASDAQ:HBNC) Stock Price

Horizon Bancorp (NASDAQ:HBNC) had its price objective dropped by Piper Sandler from $18.00 to $17.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target points to a potential upside of 14.56% from the stock’s current price.

Separately, Keefe, Bruyette & Woods decreased their price objective on Horizon Bancorp from $18.00 to $17.00 and set a “market perform” rating on the stock in a report on Friday, April 25th.

Horizon Bancorp Stock Performance

Shares of NASDAQ HBNC opened at $14.84 on Monday. The firm has a market capitalization of $653.18 million, a price-to-earnings ratio of 18.55 and a beta of 0.87. Horizon Bancorp has a one year low of $11.40 and a one year high of $19.18. The business has a fifty day simple moving average of $14.94 and a 200 day simple moving average of $16.19. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.83.

Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.14. Horizon Bancorp had a net margin of 9.86% and a return on equity of 8.48%. The company had revenue of $69.17 million during the quarter, compared to analysts’ expectations of $64.52 million. Sell-side analysts expect that Horizon Bancorp will post 1.78 EPS for the current year.

Institutional Trading of Horizon Bancorp

Large investors have recently made changes to their positions in the business. Meritage Portfolio Management lifted its position in Horizon Bancorp by 5.5% during the 1st quarter. Meritage Portfolio Management now owns 23,491 shares of the financial services provider’s stock worth $354,000 after buying an additional 1,231 shares in the last quarter. CX Institutional bought a new stake in shares of Horizon Bancorp during the first quarter valued at approximately $153,000. SG Americas Securities LLC grew its stake in shares of Horizon Bancorp by 12.6% during the first quarter. SG Americas Securities LLC now owns 30,473 shares of the financial services provider’s stock valued at $460,000 after purchasing an additional 3,418 shares during the last quarter. Summit Global Investments acquired a new stake in shares of Horizon Bancorp in the first quarter valued at approximately $210,000. Finally, GAMMA Investing LLC lifted its holdings in Horizon Bancorp by 2,288.2% during the 1st quarter. GAMMA Investing LLC now owns 15,834 shares of the financial services provider’s stock worth $2,390,000 after buying an additional 15,171 shares in the last quarter. Institutional investors own 64.51% of the company’s stock.

About Horizon Bancorp

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.