Horizon Bancorp (IN) (NASDAQ:HBNC) Price Target Raised to $23.00

Horizon Bancorp (IN) (NASDAQ:HBNC) had its price target raised by equities research analysts at Keefe, Bruyette & Woods from $21.00 to $23.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 13.77% from the stock’s previous close.

HBNC has been the subject of a number of other research reports. Zacks Research raised shares of Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Wall Street Zen lowered Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a report on Monday. Stephens reissued an “overweight” rating and set a $21.00 price objective on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Piper Sandler restated a “neutral” rating and issued a $23.00 target price (up from $21.00) on shares of Horizon Bancorp (IN) in a research note on Friday. Finally, Weiss Ratings downgraded Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Horizon Bancorp (IN) has an average rating of “Hold” and an average target price of $22.33.

Horizon Bancorp (IN) Stock Up 0.8%

NASDAQ:HBNC traded up $0.17 on Friday, hitting $20.22. 485,507 shares of the company’s stock traded hands, compared to its average volume of 452,413. 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 has a 1 year low of $14.84 and a 1 year high of $20.66. The firm has a 50-day moving average price of $19.30 and a 200-day moving average price of $18.04. The company has a market cap of $1.04 billion, a PE ratio of -6.40 and a beta of 0.82.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. Equities analysts anticipate that Horizon Bancorp will post 2.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Horizon Bancorp (IN) by 5.9% during the 4th quarter. Vanguard Group Inc. now owns 3,189,417 shares of the financial services provider’s stock worth $54,093,000 after buying an additional 176,448 shares during the period. Dimensional Fund Advisors LP lifted its position in Horizon Bancorp (IN) by 3.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,568,101 shares of the financial services provider’s stock worth $41,116,000 after acquiring an additional 75,462 shares during the last quarter. PL Capital Advisors LLC lifted its position in Horizon Bancorp (IN) by 7.2% during the 4th quarter. PL Capital Advisors LLC now owns 1,812,825 shares of the financial services provider’s stock worth $30,746,000 after acquiring an additional 121,651 shares during the last quarter. Jennison Associates LLC boosted its holdings in Horizon Bancorp (IN) by 29.3% during the first quarter. Jennison Associates LLC now owns 1,605,798 shares of the financial services provider’s stock valued at $26,608,000 after acquiring an additional 363,433 shares during the period. Finally, Wellington Management Group LLP bought a new stake in Horizon Bancorp (IN) during the third quarter valued at about $24,842,000. Institutional investors and hedge funds own 64.51% of the company’s stock.

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.