Horizon Bancorp (IN) (NASDAQ:HBNC) Rating Lowered to “Hold” at Wall Street Zen

Horizon Bancorp (IN) (NASDAQ:HBNC) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Monday.

HBNC has been the subject of a number of other research reports. Stephens reiterated an “overweight” rating and set a $21.00 price objective on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. 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. Weiss Ratings raised shares of Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, July 6th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $21.00 target price (down from $22.00) on shares of Horizon Bancorp (IN) in a research report on Monday, April 27th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $21.00.

Horizon Bancorp (IN) Stock Performance

Shares of Horizon Bancorp (IN) stock opened at $20.41 on Monday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The stock’s fifty day moving average is $19.21 and its two-hundred day moving average is $17.99. Horizon Bancorp has a 52 week low of $14.84 and a 52 week high of $20.66. The company has a market capitalization of $1.05 billion, a PE ratio of -6.42 and a beta of 0.82.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.03. The business had revenue of $73.48 million during the quarter, compared to the consensus estimate of $76.11 million. Horizon Bancorp (IN) had a positive return on equity of 12.41% and a negative net margin of 37.28%. As a group, analysts expect that Horizon Bancorp will post 2.09 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE raised its position in shares of Horizon Bancorp (IN) by 83.8% in the 1st quarter. Bank of America Corp DE now owns 141,340 shares of the financial services provider’s stock worth $2,342,000 after acquiring an additional 64,437 shares in the last quarter. Arkadios Wealth Advisors bought a new stake in Horizon Bancorp (IN) during the first quarter valued at about $602,000. Amundi bought a new stake in Horizon Bancorp (IN) during the first quarter valued at about $224,000. Royal Bank of Canada grew its stake in Horizon Bancorp (IN) by 93.5% in the first quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,388 shares during the last quarter. Finally, Quantinno Capital Management LP grew its stake in Horizon Bancorp (IN) by 66.9% in the first quarter. Quantinno Capital Management LP now owns 78,339 shares of the financial services provider’s stock valued at $1,298,000 after purchasing an additional 31,402 shares during the last quarter. 64.51% of the stock is currently owned by hedge funds and other institutional investors.

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.