Horizon Bancorp (NASDAQ:HBNC) Stock Rating Upgraded by StockNews.com

Horizon Bancorp (NASDAQ:HBNC) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Monday.

Separately, Piper Sandler dropped their price target 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.

Horizon Bancorp Stock Performance

NASDAQ:HBNC traded down $0.12 during trading hours on Monday, reaching $11.54. The company had a trading volume of 230,716 shares, compared to its average volume of 161,679. The firm has a market cap of $509.03 million, a PE ratio of 21.37 and a beta of 1.02. Horizon Bancorp has a 1-year low of $7.69 and a 1-year high of $14.71. The business’s 50 day moving average price is $12.05 and its 200-day moving average price is $12.12. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.70 and a quick ratio of 0.70.

Hedge Funds Weigh In On Horizon Bancorp

A number of large investors have recently added to or reduced their stakes in HBNC. Harbour Trust & Investment Management Co increased its stake in shares of Horizon Bancorp by 6.6% during the first quarter. Harbour Trust & Investment Management Co now owns 459,590 shares of the financial services provider’s stock worth $5,897,000 after purchasing an additional 28,610 shares in the last quarter. Capital Asset Advisory Services LLC increased its position in shares of Horizon Bancorp by 46.7% during the first quarter. Capital Asset Advisory Services LLC now owns 15,523 shares of the financial services provider’s stock worth $185,000 after purchasing an additional 4,943 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Horizon Bancorp by 969.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,048 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 4,576 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Horizon Bancorp by 5.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,955,694 shares of the financial services provider’s stock worth $27,987,000 after purchasing an additional 94,332 shares during the last quarter. Finally, Sapient Capital LLC purchased a new stake in shares of Horizon Bancorp during the fourth quarter worth $29,765,000. 64.51% of the stock is currently owned by institutional investors and hedge funds.

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.