Today’s Market Runner: What’s Next for Horizon Bancorp After Reaching 52-Week High?

Today's Market Runner: What's Next for Horizon Bancorp After Reaching 52 Week High?

The stock of Horizon Bancorp (NASDAQ:HBNC) hit a new 52-week high and has $25.99 target or 9.00% above today’s $23.84 share price. The 8 months bullish chart indicates low risk for the $840.57 million company. The 1-year high was reported on Nov, 23 by Barchart.com. If the $25.99 price target is reached, the company will be worth $75.65M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 24,948 shares traded hands. Horizon Bancorp (NASDAQ:HBNC) has risen 42.87% since April 21, 2016 and is uptrending. It has outperformed by 37.54% the S&P500.

Analysts await Horizon Bancorp (NASDAQ:HBNC) to report earnings on January, 23. They expect $0.40 EPS, up 21.21% or $0.07 from last year’s $0.33 per share. HBNC’s profit will be $14.10 million for 14.90 P/E if the $0.40 EPS becomes a reality. After $0.38 actual EPS reported by Horizon Bancorp for the previous quarter, Wall Street now forecasts 5.26% EPS growth.

Horizon Bancorp (NASDAQ:HBNC) Ratings Coverage

Out of 9 analysts covering Horizon Bancorp (NASDAQ:HBNC), 7 rate it a “Buy”, 1 “Sell”, while 1 “Hold”. This means 78% are positive. Horizon Bancorp has been the topic of 11 analyst reports since August 7, 2015 according to StockzIntelligence Inc. Bruyette & Woods” upgraded the stock to “Mkt Perform” rating in Friday, August 7 report. As per Friday, October 2, the company rating was initiated by Stephens. FIG Partners upgraded the shares of HBNC in a report on Monday, March 14 to “Outperform” rating. The company was downgraded on Thursday, January 7 by Sandler O’Neill. The company was upgraded on Friday, August 7 by KBW. The company was initiated on Thursday, October 6 by Piper Jaffray. The firm earned “Overweight” rating on Thursday, October 6 by PiperJaffray. The stock of Horizon Bancorp (NASDAQ:HBNC) earned “Sell” rating by Zacks on Thursday, September 3. The stock of Horizon Bancorp (NASDAQ:HBNC) has “Outperform” rating given on Friday, August 7 by Bruyette & Woods”.

According to Zacks Investment Research, “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.”

Insitutional Activity: The institutional sentiment increased to 2.67 in 2016 Q2. Its up 1.17, from 1.5 in 2016Q1. The ratio improved, as 4 funds sold all Horizon Bancorp shares owned while 22 reduced positions. 4 funds bought stakes while 35 increased positions. They now own 5.28 million shares or 3.86% more from 5.08 million shares in 2016Q1.
Tradition Mgmt Ltd Liability Company has 0.66% invested in the company for 78,249 shares. Keeley Asset Management Corporation last reported 0.01% of its portfolio in the stock. Wellington Mgmt Group Inc Inc Limited Liability Partnership accumulated 436,625 shares or 0% of the stock. Barclays Public Ltd accumulated 0% or 3,719 shares. Thomson Horstmann & Bryant Incorporated last reported 24,501 shares in the company. Renaissance Technology Limited Liability Co holds 158,155 shares or 0.01% of its portfolio. Dean Mngmt accumulated 0.47% or 13,690 shares. Eidelman Virant Cap holds 2.3% or 148,623 shares in its portfolio. Amica Retiree Medical Tru, a Rhode Island-based fund reported 8,935 shares. Metropolitan Life Ins holds 8,808 shares or 0% of its portfolio. Minerva Advisors Limited Com, a Pennsylvania-based fund reported 19,879 shares. Geode Capital Mngmt Llc, a Massachusetts-based fund reported 63,908 shares. Brandywine Glob Investment Mgmt Ltd Liability Corporation has 4,100 shares for 0% of their US portfolio. California Public Employees Retirement System last reported 27,600 shares in the company. Federated Inc Pa holds 0% of its portfolio in Horizon Bancorp (NASDAQ:HBNC) for 9,750 shares.

Insider Transactions: Since June 1, 2016, the stock had 0 insider purchases, and 3 selling transactions for $770,500 net activity. EDWARDS THOMAS H sold $276,500 worth of Horizon Bancorp (NASDAQ:HBNC) on Tuesday, August 16. $246,700 worth of Horizon Bancorp (NASDAQ:HBNC) was sold by DWIGHT CRAIG M on Wednesday, June 1.

More notable recent Horizon Bancorp (NASDAQ:HBNC) news were published by: Businesswire.com which released: “Horizon Bancorp Announces Closing of LaPorte Bancorp, Inc. Merger” on July 18, 2016, also Businesswire.com with their article: “Horizon Bancorp Announces Closing of CNB Bancorp Merger” published on November 07, 2016, Businesswire.com published: “Horizon Bancorp and Kosciusko Financial, Inc. Announce the Signing of a Merger …” on February 05, 2016. More interesting news about Horizon Bancorp (NASDAQ:HBNC) were released by: Businesswire.com and their article: “Horizon Bancorp and LaPorte Bancorp, Inc. Announce the Signing of a Merger …” published on March 11, 2016 as well as Businesswire.com‘s news article titled: “Horizon Bancorp and LaPorte Bancorp, Inc. Announce Receipt of Regulatory …” with publication date: June 16, 2016.

HBNC Company Profile

Horizon Bancorp, incorporated on April 26, 1983, is a bank holding company. The Firm 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. Horizon Risk Management, Inc. is a captive insurance company. The Bank maintains approximately 54 full service offices.

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