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

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

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

Horizon Bancorp Trading Down 0.3 %

Shares of Horizon Bancorp stock traded down $0.05 during mid-day trading on Wednesday, hitting $17.94. 24,088 shares of the stock were exchanged, compared to its average volume of 161,714. The stock has a market capitalization of $784.34 million, a price-to-earnings ratio of 38.11 and a beta of 1.05. Horizon Bancorp has a twelve month low of $11.18 and a twelve month high of $19.18. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.83. The company has a 50-day simple moving average of $16.58 and a 200 day simple moving average of $14.85.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HBNC. Dimensional Fund Advisors LP increased its stake in Horizon Bancorp by 6.3% in 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 buying an additional 135,217 shares during the period. Geode Capital Management LLC grew its holdings in shares of 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 worth $16,387,000 after buying an additional 52,423 shares in the last quarter. AQR Capital Management LLC lifted its position in 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 valued at $5,915,000 after buying an additional 50,666 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Horizon Bancorp by 6.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 350,981 shares of the financial services provider’s stock valued at $5,458,000 after acquiring an additional 22,727 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Horizon Bancorp by 3.8% during the second quarter. Bank of New York Mellon Corp now owns 341,317 shares of the financial services provider’s stock worth $4,222,000 after purchasing an additional 12,357 shares in the last quarter. 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.