Hovde Group Initiates Coverage on Horizon Bancorp (NASDAQ:HBNC)

Research analysts at Hovde Group initiated coverage on shares of Horizon Bancorp (NASDAQ:HBNC) in a research note issued to investors on Monday, Briefing.com reports. The brokerage set an “outperform” rating and a $18.00 price target on the financial services provider’s stock. Hovde Group’s price target indicates a potential upside of 20.56% from the stock’s previous close.

HBNC has been the topic of a number of other reports. StockNews.com raised shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Monday, September 23rd. Piper Sandler increased their price target on shares of Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Horizon Bancorp from $14.00 to $16.00 and gave the company a “market perform” rating in a report on Monday, July 29th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $16.00.

Horizon Bancorp Stock Down 1.3 %

Shares of HBNC stock opened at $14.93 on Monday. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.88 and a current ratio of 0.88. The firm’s 50-day moving average is $15.35 and its 200-day moving average is $13.35. The stock has a market cap of $658.65 million, a price-to-earnings ratio of 27.65 and a beta of 1.04. Horizon Bancorp has a 52-week low of $9.22 and a 52-week high of $16.64.

Horizon Bancorp (NASDAQ:HBNC) last issued its earnings results on Wednesday, July 24th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. The company had revenue of $97.47 million for the quarter, compared to analysts’ expectations of $55.03 million. Horizon Bancorp had a net margin of 5.50% and a return on equity of 8.17%. During the same period in the prior year, the firm earned $0.41 EPS. Sell-side analysts predict that Horizon Bancorp will post 1.38 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC boosted its position in shares of Horizon Bancorp by 1,656.2% during the 2nd quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 3,064 shares in the last quarter. Pathway Financial Advisers LLC acquired a new stake in shares of Horizon Bancorp during the 1st quarter worth approximately $80,000. Mackenzie Financial Corp acquired a new stake in shares of Horizon Bancorp during the 2nd quarter worth approximately $133,000. Elser Financial Planning Inc acquired a new stake in shares of Horizon Bancorp during the 2nd quarter worth approximately $137,000. Finally, EMC Capital Management boosted its position in shares of Horizon Bancorp by 11.0% during the 1st quarter. EMC Capital Management now owns 10,773 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 1,064 shares in the last quarter. Institutional investors and hedge funds 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.