Piper Sandler Lowers Horizon Bancorp (NASDAQ:HBNC) Price Target to $17.00

Horizon Bancorp (NASDAQ:HBNC) had its price objective cut by investment analysts at Piper Sandler from $18.00 to $17.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target would indicate a potential upside of 16.57% from the company’s current price.

Separately, Keefe, Bruyette & Woods decreased their price objective on Horizon Bancorp from $18.00 to $17.00 and set a “market perform” rating on the stock in a report on Friday.

Horizon Bancorp Stock Up 0.2 %

Shares of NASDAQ:HBNC traded up $0.02 during trading hours on Monday, reaching $14.58. The stock had a trading volume of 68,099 shares, compared to its average volume of 166,394. The stock has a market capitalization of $641.87 million, a price-to-earnings ratio of 18.19 and a beta of 0.87. The firm’s 50 day moving average is $15.03 and its 200-day moving average is $16.21. 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 $11.40 and a 1 year high of $19.18.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.54 EPS for the quarter, beating the consensus estimate of $0.40 by $0.14. Horizon Bancorp had a return on equity of 8.48% and a net margin of 9.86%. The firm had revenue of $69.17 million during the quarter, compared to the consensus estimate of $64.52 million. Research analysts predict that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Institutional Trading of Horizon Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in HBNC. Jane Street Group LLC grew its stake in Horizon Bancorp by 32.0% during the 3rd quarter. Jane Street Group LLC now owns 57,068 shares of the financial services provider’s stock valued at $887,000 after acquiring an additional 13,827 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Horizon Bancorp by 5.2% in the 3rd 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 in the last quarter. Barclays PLC boosted its position in Horizon Bancorp by 62.7% during the third quarter. Barclays PLC now owns 109,553 shares of the financial services provider’s stock worth $1,704,000 after purchasing an additional 42,218 shares during the period. Franklin Resources Inc. boosted its position in Horizon Bancorp by 7.0% during the third quarter. Franklin Resources Inc. now owns 25,996 shares of the financial services provider’s stock worth $399,000 after purchasing an additional 1,703 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Horizon Bancorp by 37.4% during the third quarter. JPMorgan Chase & Co. now owns 106,609 shares of the financial services provider’s stock valued at $1,658,000 after purchasing an additional 28,999 shares during the last quarter. 64.51% of the stock is currently owned by institutional investors.

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.