Horizon Bancorp (IN) (NASDAQ:HBNC) Hits New 1-Year High – Time to Buy?

Horizon Bancorp (IN) (NASDAQ:HBNC)’s stock price reached a new 52-week high on Monday . The stock traded as high as $19.75 and last traded at $19.8450, with a volume of 714611 shares trading hands. The stock had previously closed at $19.75.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Zacks Research upgraded shares of Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Piper Sandler restated a “neutral” rating and issued a $21.00 price objective (down from $22.00) on shares of Horizon Bancorp (IN) in a report on Monday, April 27th. Weiss Ratings upgraded shares of Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, April 24th. Stephens initiated coverage on shares of Horizon Bancorp (IN) in a report on Friday, March 27th. They issued an “overweight” rating and a $20.00 price objective on the stock. Finally, Wall Street Zen lowered shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a report on Saturday, May 23rd. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Horizon Bancorp (IN) currently has an average rating of “Hold” and a consensus price target of $20.67.

Horizon Bancorp (IN) Stock Performance

The firm’s fifty day moving average price is $18.23 and its 200 day moving average price is $17.61. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $997.34 million, a price-to-earnings ratio of -6.11 and a beta of 0.83.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.51 EPS for the quarter, topping the consensus estimate of $0.48 by $0.03. Horizon Bancorp (IN) had a negative net margin of 37.28% and a positive return on equity of 12.41%. The firm had revenue of $73.48 million for the quarter, compared to analyst estimates of $76.11 million. Analysts forecast that Horizon Bancorp will post 2.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Horizon Bancorp (IN)

Hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its holdings in Horizon Bancorp (IN) by 65.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock worth $28,000 after buying an additional 660 shares in the last quarter. Royal Bank of Canada lifted 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 buying an additional 1,388 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Horizon Bancorp (IN) by 160.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock worth $101,000 after buying an additional 4,024 shares in the last quarter. Rossby Financial LCC acquired a new stake in Horizon Bancorp (IN) during the 4th quarter worth approximately $124,000. Finally, Raymond James Financial Inc. acquired a new stake in Horizon Bancorp (IN) during the 2nd quarter worth approximately $134,000. 64.51% of the stock is currently owned by institutional investors and hedge funds.

Horizon Bancorp (IN) Company Profile

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.