Horizon Bancorp (NASDAQ:HBNC) Rating Lowered to Sell at StockNews.com

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) was downgraded by equities researchers at StockNews.com from a "hold" rating to a "sell" rating in a research report issued on Thursday.

A number of other equities research analysts also recently commented on the company. Hovde Group started coverage on Horizon Bancorp in a research report on Monday, September 30th. They set an "outperform" rating and a $18.00 price objective for the company. Piper Sandler upped their target price on Horizon Bancorp from $13.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods lifted their price target on Horizon Bancorp from $14.00 to $16.00 and gave the stock a "market perform" rating in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $16.00.

Horizon Bancorp Price Performance

NASDAQ HBNC traded up $0.91 on Thursday, reaching $16.02. The company's stock had a trading volume of 231,974 shares, compared to its average volume of 160,457. Horizon Bancorp has a twelve month low of $9.22 and a twelve month high of $16.64. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.88 and a current ratio of 0.88. The firm's 50 day moving average is $15.41 and its two-hundred day moving average is $13.70. The stock has a market cap of $706.74 million, a PE ratio of 29.67 and a beta of 1.04.

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) last released its earnings results on Wednesday, July 24th. The financial services provider reported $0.32 EPS for the quarter, beating the consensus estimate of $0.31 by $0.01. The business had revenue of $97.47 million during the quarter, compared to analyst estimates of $55.03 million. Horizon Bancorp had a net margin of 5.50% and a return on equity of 8.17%. During the same period in the prior year, the business earned $0.41 earnings per share. As a group, sell-side analysts predict that Horizon Bancorp will post 1.38 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. CWM LLC boosted its position in Horizon Bancorp by 1,656.2% during the 2nd quarter. CWM LLC now owns 3,249 shares of the financial services provider's stock worth $40,000 after acquiring an additional 3,064 shares during the period. Pathway Financial Advisers LLC purchased a new position in Horizon Bancorp during the first quarter valued at approximately $80,000. EMC Capital Management grew its position in Horizon Bancorp by 11.0% during the first quarter. EMC Capital Management now owns 10,773 shares of the financial services provider's stock valued at $138,000 after purchasing an additional 1,064 shares in the last quarter. Mackenzie Financial Corp acquired a new position in Horizon Bancorp in the 2nd quarter valued at approximately $133,000. Finally, Elser Financial Planning Inc purchased a new stake in Horizon Bancorp in the 2nd quarter worth approximately $137,000. Hedge funds and other institutional investors own 64.51% of the company's stock.

About Horizon Bancorp

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.

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