Zacks Investment Research upgraded shares of Horizon Bancorp (NASDAQ:HBNC) from a hold rating to a buy rating in a report released on Tuesday. They currently have $32.00 price objective on the financial services provider’s stock.

According to Zacks, “HORIZON BNCP-IN is a bank holding company. Through subsidiaries, they are engaged as a full-service commercial bank offering a broad range of commercial and retail banking services, corporate and individual trust and agency services, commercial and personal property and casualty insurance services and other services incident to banking. “

Separately, Keefe, Bruyette & Woods increased their target price on shares of Horizon Bancorp from $29.00 to $31.00 and gave the company an outperform rating in a research report on Thursday, July 28th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Horizon Bancorp currently has an average rating of Buy and a consensus target price of $30.00.

Shares of Horizon Bancorp (NASDAQ:HBNC) opened at 29.61 on Tuesday. Horizon Bancorp has a 12 month low of $21.92 and a 12 month high of $29.64. The company has a market cap of $437.52 million, a price-to-earnings ratio of 16.19 and a beta of 0.47. The stock has a 50 day moving average of $27.97 and a 200-day moving average of $25.65.

Horizon Bancorp (NASDAQ:HBNC) last released its earnings results on Wednesday, July 27th. The financial services provider reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.02. Horizon Bancorp had a net margin of 17.13% and a return on equity of 9.48%. On average, analysts forecast that Horizon Bancorp will post $2.12 EPS for the current year.

In other news, insider Thomas H. Edwards sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $27.65, for a total transaction of $276,500.00. Following the completion of the sale, the insider now owns 10,097 shares of the company’s stock, valued at approximately $279,182.05. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 7.70% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Keeley Asset Management Corp boosted its position in shares of Horizon Bancorp by 0.6% in the second quarter. Keeley Asset Management Corp now owns 11,067 shares of the financial services provider’s stock worth $278,000 after buying an additional 67 shares in the last quarter. BlackRock Advisors LLC boosted its position in shares of Horizon Bancorp by 1.4% in the second quarter. BlackRock Advisors LLC now owns 5,384 shares of the financial services provider’s stock worth $135,000 after buying an additional 75 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Horizon Bancorp by 0.3% in the second quarter. Victory Capital Management Inc. now owns 31,590 shares of the financial services provider’s stock worth $794,000 after buying an additional 100 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Horizon Bancorp by 0.8% in the second quarter. First Trust Advisors LP now owns 16,349 shares of the financial services provider’s stock worth $411,000 after buying an additional 124 shares in the last quarter. Finally, Sabal Trust CO boosted its position in shares of Horizon Bancorp by 1.5% in the second quarter. Sabal Trust CO now owns 10,822 shares of the financial services provider’s stock worth $272,000 after buying an additional 164 shares in the last quarter. 36.09% of the stock is owned by institutional investors.

Horizon Bancorp Company Profile

Horizon Bancorp is a bank holding company. The Company provides a range of banking services in Northwestern and Central Indiana and Southwestern Michigan through its bank subsidiary, Horizon Bank, N.A. (the Bank), and other affiliated entities and Horizon Risk Management, Inc The Bank is a full-service commercial bank offering commercial and retail banking services, corporate and individual trust and agency services and other services incident to banking.

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