The stock of Horizon Bancorp (NASDAQ:HBNC) hit a new 52-week high and has $26.29 target or 9.00% above today’s $24.12 share price. The 6 months bullish chart indicates low risk for the $788.00M company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $26.29 price target is reached, the company will be worth $70.92M 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 85,442 shares traded hands or 28.01% up from the average. Horizon Bancorp (NASDAQ:HBNC) has risen 40.04% since April 28, 2016 and is uptrending. It has outperformed by 34.12% 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 $13.07 million for 15.08 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. $33.50 is the highest target while $28 is the lowest. The $30.60 average target is 26.87% above today’s ($24.12) stock price. Horizon Bancorp has been the topic of 11 analyst reports since August 7, 2015 according to StockzIntelligence Inc. The stock has “Overweight” rating given by Stephens on Friday, October 2. The firm has “Overweight” rating by Piper Jaffray given on Thursday, October 6. The rating was initiated by PiperJaffray with “Overweight” on Thursday, October 6. The rating was downgraded by Zacks on Thursday, September 3 to “Sell”. The stock has “Outperform” rating given by FIG Partners on Monday, March 14. On Thursday, January 7 the stock rating was downgraded by Sandler O’Neill to “Hold”. The rating was upgraded by KBW to “Outperform” on Friday, August 7. The rating was upgraded by Bruyette & Woods” on Friday, August 7 to “Mkt Perform”. The company was upgraded 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 Q2 2016. 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.
1St Source Natl Bank holds 189,199 shares or 0.54% of its portfolio. Amica Mutual Insurance, a Rhode Island-based fund reported 79,656 shares. Tiaa Cref Inv Mngmt Llc holds 0% of its portfolio in Horizon Bancorp (NASDAQ:HBNC) for 40,963 shares. Thomson Horstmann & Bryant, a Connecticut-based fund reported 24,501 shares. Savings Bank Of America Corp De accumulated 0% or 3,228 shares. Federated Invsts Incorporated Pa holds 0% or 9,750 shares in its portfolio. Moreover, Invesco Limited has 0% invested in Horizon Bancorp (NASDAQ:HBNC) for 24,476 shares. Citigroup Incorporated has invested 0% of its portfolio in Horizon Bancorp (NASDAQ:HBNC). Bnp Paribas Arbitrage Sa holds 0% of its portfolio in Horizon Bancorp (NASDAQ:HBNC) for 442 shares. Pacific Ridge Capital Ptnrs Ltd Liability Corp last reported 1.09% of its portfolio in the stock. The France-based Axa has invested 0% in Horizon Bancorp (NASDAQ:HBNC). Fmr Llc last reported 60,000 shares in the company. Deprince Race Zollo, a Florida-based fund reported 51,808 shares. The Washington-based Parametric Port Assoc Ltd Liability has invested 0% in Horizon Bancorp (NASDAQ:HBNC). Amica Retiree Tru has 0.19% invested in the company for 8,935 shares.
Insider Transactions: Since August 16, 2016, the stock had 0 insider buys, and 1 sale for $276,500 net activity. EDWARDS THOMAS H sold $276,500 worth of stock.
More important recent Horizon Bancorp (NASDAQ:HBNC) news were published by: Businesswire.com which released: “Horizon Bancorp Announces Balance Sheet Restructuring Transaction” on November 30, 2016, also Businesswire.com published article titled: “Horizon Bancorp and Kosciusko Financial, Inc. Announce the Signing of a Merger …”, Businesswire.com published: “Horizon Bancorp and LaPorte Bancorp, Inc. Announce the Signing of a Merger …” on March 11, 2016. More interesting news about Horizon Bancorp (NASDAQ:HBNC) was released by: Businesswire.com and their article: “Horizon Bancorp Announces Closing of CNB Bancorp Merger” with publication date: November 07, 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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