Horizon Bancorp (NASDAQ:HBNC) Price Target Cut to $13.00

Horizon Bancorp (NASDAQ:HBNC) had its price target dropped by investment analysts at Piper Sandler from $14.00 to $13.00 in a research report issued on Monday, Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price points to a potential upside of 13.24% from the stock’s current price.

Separately, StockNews.com cut Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, April 10th.

Horizon Bancorp Stock Performance

Shares of HBNC stock opened at $11.48 on Monday. The stock has a market capitalization of $506.38 million, a PE ratio of 21.26 and a beta of 1.02. Horizon Bancorp has a 52-week low of $7.69 and a 52-week high of $14.71. The stock’s 50-day moving average price is $12.03 and its 200 day moving average price is $12.13. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.16.

Institutional Investors Weigh In On Horizon Bancorp

Several institutional investors have recently modified their holdings of HBNC. Harbour Trust & Investment Management Co lifted its stake in Horizon Bancorp by 6.6% in the 1st quarter. Harbour Trust & Investment Management Co now owns 459,590 shares of the financial services provider’s stock valued at $5,897,000 after buying an additional 28,610 shares in the last quarter. Capital Asset Advisory Services LLC lifted its stake in shares of Horizon Bancorp by 46.7% during the 1st quarter. Capital Asset Advisory Services LLC now owns 15,523 shares of the financial services provider’s stock worth $185,000 after purchasing an additional 4,943 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Horizon Bancorp by 969.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,048 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 4,576 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Horizon Bancorp by 5.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,955,694 shares of the financial services provider’s stock worth $27,987,000 after purchasing an additional 94,332 shares during the period. Finally, Sapient Capital LLC purchased a new position in shares of Horizon Bancorp during the 4th quarter worth $29,765,000. Hedge funds and other institutional investors own 64.51% of the company’s stock.

Horizon Bancorp Company Profile

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.