Horizon Bancorp (IN) (NASDAQ:HBNC) Stock Rating Lowered by Zacks Research

Horizon Bancorp (IN) (NASDAQ:HBNC) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Several other equities analysts have also recently commented on HBNC. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Horizon Bancorp (IN) in a research note on Tuesday. Weiss Ratings restated a “sell (d)” rating on shares of Horizon Bancorp (IN) in a research note on Monday. Finally, Stephens raised their price objective on Horizon Bancorp (IN) from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.67.

Horizon Bancorp (IN) Trading Up 0.5%

Shares of HBNC stock opened at $17.25 on Monday. Horizon Bancorp has a fifty-two week low of $12.70 and a fifty-two week high of $18.54. The stock has a market capitalization of $883.49 million, a P/E ratio of -4.39 and a beta of 0.84. The stock has a 50-day simple moving average of $16.05 and a 200 day simple moving average of $15.80. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.14.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its earnings results on Wednesday, October 22nd. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.16). Horizon Bancorp (IN) had a negative net margin of 51.01% and a positive return on equity of 9.64%. The business had revenue of $59.98 million during the quarter, compared to analysts’ expectations of $69.34 million. On average, sell-side analysts expect that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Institutional Trading of Horizon Bancorp (IN)

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Horizon Bancorp (IN) by 9.5% during the third quarter. Vanguard Group Inc. now owns 3,012,969 shares of the financial services provider’s stock valued at $48,238,000 after purchasing an additional 261,587 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Horizon Bancorp (IN) by 3.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,568,101 shares of the financial services provider’s stock valued at $41,116,000 after acquiring an additional 75,462 shares during the period. PL Capital Advisors LLC increased its stake in shares of Horizon Bancorp (IN) by 13.4% during the third quarter. PL Capital Advisors LLC now owns 1,691,174 shares of the financial services provider’s stock worth $27,076,000 after purchasing an additional 200,000 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Horizon Bancorp (IN) during the third quarter worth $24,842,000. Finally, Geode Capital Management LLC boosted its position in shares of Horizon Bancorp (IN) by 1.1% in the second quarter. Geode Capital Management LLC now owns 1,096,524 shares of the financial services provider’s stock valued at $16,868,000 after acquiring an additional 12,465 shares during the period. 64.51% of the stock is currently owned by institutional investors.

About Horizon Bancorp (IN)

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.