Horizon Bancorp (NASDAQ:HBNC) Lowered to “Sell” at StockNews.com

Horizon Bancorp (NASDAQ:HBNC) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

Separately, Piper Sandler lowered their price objective on shares of Horizon Bancorp from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday, April 29th.

Horizon Bancorp Price Performance

HBNC stock opened at $12.45 on Tuesday. Horizon Bancorp has a one year low of $7.69 and a one year high of $14.71. The firm has a 50-day moving average of $12.06 and a two-hundred day moving average of $12.19. The firm has a market capitalization of $549.18 million, a PE ratio of 23.06 and a beta of 1.04. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.16.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Harbour Trust & Investment Management Co purchased a new position in shares of Horizon Bancorp during the 4th quarter valued at $6,167,000. Swiss National Bank increased its position in Horizon Bancorp by 2.2% in the 3rd quarter. Swiss National Bank now owns 96,950 shares of the financial services provider’s stock worth $1,035,000 after purchasing an additional 2,100 shares during the last quarter. 1ST Source Bank lifted its holdings in shares of Horizon Bancorp by 2.7% during the 3rd quarter. 1ST Source Bank now owns 69,533 shares of the financial services provider’s stock valued at $743,000 after buying an additional 1,860 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Horizon Bancorp by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 2,183,993 shares of the financial services provider’s stock valued at $23,325,000 after buying an additional 34,861 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Horizon Bancorp by 7.6% in the third quarter. AQR Capital Management LLC now owns 634,821 shares of the financial services provider’s stock worth $6,780,000 after buying an additional 44,810 shares during the last quarter. 64.51% of the stock is owned by hedge funds and other 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.