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

Horizon Bancorp (NASDAQ:HBNC) had its target price lowered by Piper Sandler from $20.00 to $19.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price would indicate a potential upside of 11.96% from the stock’s previous close.

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

Horizon Bancorp Price Performance

NASDAQ HBNC opened at $16.97 on Monday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.83. 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 $741.93 million, a PE ratio of 21.21 and a beta of 1.08. The stock’s 50-day moving average price is $16.85 and its two-hundred day moving average price is $16.05.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $0.36 earnings per share 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%. On average, analysts predict that Horizon Bancorp will post 1.67 EPS for the current year.

Institutional Inflows and Outflows

Several 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% during the second quarter. Dimensional Fund Advisors LP now owns 2,276,566 shares of the financial services provider’s stock valued at $28,160,000 after acquiring an additional 135,217 shares during the period. Foundry Partners LLC boosted its holdings in Horizon Bancorp by 46.0% during the third quarter. Foundry Partners LLC now owns 181,600 shares of the financial services provider’s stock valued at $2,824,000 after purchasing an additional 57,240 shares in the last quarter. Geode Capital Management LLC raised its holdings 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 worth $16,387,000 after buying an additional 52,423 shares in the last quarter. AQR Capital Management LLC grew 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 acquiring an additional 50,666 shares during the period. Finally, Barclays PLC grew its holdings in shares of Horizon Bancorp by 62.7% in the 3rd 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 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.