Keefe, Bruyette & Woods Boosts Horizon Bancorp (NASDAQ:HBNC) Price Target to $19.00

Horizon Bancorp (NASDAQ:HBNC) had its price target raised by equities research analysts at Keefe, Bruyette & Woods from $17.00 to $19.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 5.91% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Hovde Group initiated coverage on Horizon Bancorp in a research note on Monday, September 30th. They issued an “outperform” rating and a $18.00 price objective for the company. StockNews.com upgraded Horizon Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $16.75.

Horizon Bancorp Price Performance

NASDAQ:HBNC traded down $0.05 during mid-day trading on Wednesday, hitting $17.94. 24,088 shares of the company’s stock traded hands, compared to its average volume of 161,714. The firm’s 50 day simple moving average is $16.58 and its 200 day simple moving average is $14.85. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.88 and a current ratio of 0.88. Horizon Bancorp has a 1 year low of $11.18 and a 1 year high of $19.18. The company has a market cap of $784.34 million, a PE ratio of 38.11 and a beta of 1.05.

Horizon Bancorp (NASDAQ:HBNC) last issued its earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Horizon Bancorp had a return on equity of 8.27% and a net margin of 5.89%. The business had revenue of $102.40 million during the quarter, compared to analyst estimates of $58.23 million. During the same period in the prior year, the company posted $0.37 earnings per share. Sell-side analysts expect that Horizon Bancorp will post 1.4 EPS for the current year.

Institutional Trading of Horizon Bancorp

Large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in shares of Horizon Bancorp by 6.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,276,566 shares of the financial services provider’s stock worth $28,160,000 after acquiring an additional 135,217 shares during the period. Geode Capital Management LLC increased its position in Horizon Bancorp by 5.2% during the third quarter. Geode Capital Management LLC now owns 1,053,625 shares of the financial services provider’s stock valued at $16,387,000 after acquiring an additional 52,423 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Horizon Bancorp by 11.9% in the second quarter. AQR Capital Management LLC now owns 478,205 shares of the financial services provider’s stock worth $5,915,000 after buying an additional 50,666 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Horizon Bancorp by 6.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 350,981 shares of the financial services provider’s stock valued at $5,458,000 after buying an additional 22,727 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Horizon Bancorp by 3.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 341,317 shares of the financial services provider’s stock valued at $4,222,000 after purchasing an additional 12,357 shares during the last quarter. 64.51% of the stock is owned by institutional investors.

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.