Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Horizon Bancorp (IN) (NASDAQ:HBNC) had its price target lifted by equities researchers at Keefe, Bruyette & Woods from $21.00 to $23.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 14.66% from the company’s current price.

A number of other equities research analysts have also recently commented on the company. Weiss Ratings cut Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday. Piper Sandler reaffirmed a “neutral” rating and set a $23.00 target price (up from $21.00) on shares of Horizon Bancorp (IN) in a research report on Friday. Wall Street Zen cut Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a report on Monday, July 20th. Stephens reissued an “overweight” rating and issued a $21.00 price target on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Finally, Zacks Research upgraded shares of Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Horizon Bancorp (IN) has a consensus rating of “Hold” and a consensus price target of $22.33.

Horizon Bancorp (IN) Stock Performance

Shares of HBNC opened at $20.06 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.90. The stock has a 50-day moving average of $19.35 and a 200-day moving average of $18.05. The company has a market cap of $1.03 billion, a PE ratio of -6.35 and a beta of 0.82. Horizon Bancorp has a one year low of $14.84 and a one year high of $20.66.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02). Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.52%. The firm had revenue of $75.50 million during the quarter, compared to the consensus estimate of $76.56 million. On average, equities research analysts predict that Horizon Bancorp will post 2.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of HBNC. Bank of America Corp DE grew its holdings in Horizon Bancorp (IN) by 83.8% during the first quarter. Bank of America Corp DE now owns 141,340 shares of the financial services provider’s stock worth $2,342,000 after buying an additional 64,437 shares in the last quarter. Arkadios Wealth Advisors bought a new position in Horizon Bancorp (IN) during the 1st quarter valued at $602,000. Amundi purchased a new position in Horizon Bancorp (IN) during the 1st quarter worth $224,000. Royal Bank of Canada boosted its holdings in Horizon Bancorp (IN) by 93.5% during the 1st quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 1,388 shares during the last quarter. Finally, Quantinno Capital Management LP grew its stake in shares of Horizon Bancorp (IN) by 66.9% in the 1st quarter. Quantinno Capital Management LP now owns 78,339 shares of the financial services provider’s stock worth $1,298,000 after acquiring an additional 31,402 shares in the last quarter. Hedge funds and other institutional investors 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.