Notable Reporting: Time to Reconsider Horizon Bancorp After Making Record High?

Notable Reporting: Time to Reconsider Horizon Bancorp After Making Record High?

The stock of Horizon Bancorp (NASDAQ:HBNC) reached all time high today, Nov, 24 and still has $24.85 target or 5.00% above today’s $23.67 share price. This indicates more upside for the $834.57 million company. This technical setup was reported by Barchart.com. If the $24.85 PT is reached, the company will be worth $41.73 million more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events. The stock increased 0.98% or $0.23 on November 23, hitting $23.67. About 51,610 shares traded hands. Horizon Bancorp (NASDAQ:HBNC) has risen 43.40% since April 22, 2016 and is uptrending. It has outperformed by 37.99% the S&P500.

Analysts await Horizon Bancorp (NASDAQ:HBNC) to report earnings on January, 23. They expect $0.40 earnings per share, up 21.21% or $0.07 from last year’s $0.33 per share. HBNC’s profit will be $14.10M for 14.79 P/E if the $0.40 EPS becomes a reality. After $0.38 actual earnings per share 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. The firm has “Outperform” rating by Bruyette & Woods” given on Friday, August 7. On Friday, August 7 the stock rating was upgraded by Bruyette & Woods” to “Mkt Perform”. The company was downgraded on Thursday, January 7 by Sandler O’Neill. The stock has “Outperform” rating given by FIG Partners on Monday, March 14. KBW upgraded Horizon Bancorp (NASDAQ:HBNC) rating on Friday, August 7. KBW has “Outperform” rating and $29 price target. On Thursday, September 3 the stock rating was downgraded by Zacks to “Sell”. Stephens initiated Horizon Bancorp (NASDAQ:HBNC) on Friday, October 2 with “Overweight” rating. Piper Jaffray initiated Horizon Bancorp (NASDAQ:HBNC) on Thursday, October 6 with “Overweight” rating. PiperJaffray initiated Horizon Bancorp (NASDAQ:HBNC) rating on Thursday, October 6. PiperJaffray has “Overweight” rating and $33.50 price target.

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 increased, 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.
Cornercap Counsel has invested 0.09% of its portfolio in Horizon Bancorp (NASDAQ:HBNC). The New York-based Tower Ltd Co (Trc) has invested 0% in Horizon Bancorp (NASDAQ:HBNC). Fmr Limited Liability Corporation last reported 60,000 shares in the company. The Tennessee-based Delta Asset Ltd Limited Liability Company Tn has invested 0.01% in Horizon Bancorp (NASDAQ:HBNC). Barclays Public Ltd Com holds 3,719 shares or 0% of its portfolio. Invesco Ltd has invested 0% of its portfolio in Horizon Bancorp (NASDAQ:HBNC). Nationwide Fund holds 0% or 8,207 shares in its portfolio. Legal General Public Limited Com has invested 0% of its portfolio in Horizon Bancorp (NASDAQ:HBNC). Morgan Stanley holds 2,146 shares or 0% of its portfolio. Moreover, Amica Retiree Medical Trust has 0.19% invested in Horizon Bancorp (NASDAQ:HBNC) for 8,935 shares. Blackrock Incorporated holds 0% of its portfolio in Horizon Bancorp (NASDAQ:HBNC) for 3,355 shares. Moreover, Amica Mutual Ins Comm has 0.19% invested in Horizon Bancorp (NASDAQ:HBNC) for 79,656 shares. Jacobs Asset Mngmt Ltd Liability Co, a New York-based fund reported 77,473 shares. The Ohio-based Dean Invest Assocs Limited Liability Co has invested 0.19% in Horizon Bancorp (NASDAQ:HBNC). Dean Cap Mgmt has 0.47% invested in the company for 13,690 shares.

Insider Transactions: Since June 1, 2016, the stock had 0 buys, and 3 insider sales for $770,500 net activity. $246,700 worth of Horizon Bancorp (NASDAQ:HBNC) shares were sold by DWIGHT CRAIG M. 10,000 Horizon Bancorp (NASDAQ:HBNC) shares with value of $247,300 were sold by EDWARDS THOMAS H.

More 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 published the news titled: “Horizon Bancorp and Kosciusko Financial, Inc. Announce the Signing of a Merger …” on February 05, 2016. Businesswire.com‘s news article titled: “Horizon Bancorp Announces Closing of CNB Bancorp Merger” with publication date: November 07, 2016 was also an interesting one.

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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