Piper Sandler Cuts Horizon Bancorp (NASDAQ:HBNC) Price Target to $19.00

Horizon Bancorp (NASDAQ:HBNC) had its price objective lowered by stock analysts at Piper Sandler from $20.00 to $19.00 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 objective would suggest a potential upside of 10.88% from the company’s previous close.

HBNC has been the subject of a number of other research reports. Keefe, Bruyette & Woods upped their price objective on shares of Horizon Bancorp from $17.00 to $19.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com raised shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Finally, Hovde Group began coverage on Horizon Bancorp in a report on Monday, September 30th. They set an “outperform” rating and a $18.00 price target for the company.

Horizon Bancorp Price Performance

Shares of Horizon Bancorp stock traded up $0.57 during trading hours on Monday, hitting $17.14. The company’s stock had a trading volume of 35,221 shares, compared to its average volume of 162,249. Horizon Bancorp has a 12-month low of $11.18 and a 12-month high of $19.18. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.88 and a current ratio of 0.88. The business has a 50 day moving average price of $16.87 and a two-hundred day moving average price of $16.03. The company has a market cap of $749.14 million, a PE ratio of 21.47 and a beta of 1.08.

Horizon Bancorp (NASDAQ:HBNC) last issued its earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.03). Horizon Bancorp had a return on equity of 8.48% and a net margin of 9.86%. Analysts expect that Horizon Bancorp will post 1.67 earnings per share for the current fiscal year.

Institutional Trading of Horizon Bancorp

Several large investors have recently added to or reduced their stakes in HBNC. AMI Investment Management Inc. boosted its stake in Horizon Bancorp by 10.2% during the fourth quarter. AMI Investment Management Inc. now owns 11,932 shares of the financial services provider’s stock valued at $192,000 after buying an additional 1,109 shares in the last quarter. Meritage Portfolio Management boosted its position in shares of Horizon Bancorp by 9.1% in the third quarter. Meritage Portfolio Management now owns 19,796 shares of the financial services provider’s stock worth $308,000 after buying an additional 1,658 shares during the period. Franklin Resources Inc. grew its holdings in shares of Horizon Bancorp by 7.0% during the third quarter. Franklin Resources Inc. now owns 25,996 shares of the financial services provider’s stock valued at $399,000 after buying an additional 1,703 shares in the last quarter. Quarry LP raised its position in Horizon Bancorp by 508.1% during the third quarter. Quarry LP now owns 2,098 shares of the financial services provider’s stock valued at $33,000 after buying an additional 1,753 shares during the period. Finally, R Squared Ltd purchased a new stake in Horizon Bancorp in the 4th quarter worth about $39,000. 64.51% of the stock is currently owned by institutional investors and hedge funds.

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.