Horizon Bancorp (HBNC)’s Wedge Up Chart Pattern Points to Lower Stock Risks

April 25, 2018 - By Marguerite Chambers

Horizon Bancorp (NASDAQ:HBNC) Logo

Investors sentiment increased to 1.83 in Q4 2017. Its up 0.13, from 1.7 in 2017Q3. It is positive, as 6 investors sold Horizon Bancorp shares while 24 reduced holdings. 15 funds opened positions while 40 raised stakes. 12.17 million shares or 8.67% more from 11.20 million shares in 2017Q3 were reported.
Stifel has invested 0% of its portfolio in Horizon Bancorp (NASDAQ:HBNC). Pnc Svcs Group Incorporated stated it has 1,129 shares or 0% of all its holdings. The Minnesota-based Foundry Ltd Limited Liability Company has invested 0.28% in Horizon Bancorp (NASDAQ:HBNC). Voya Invest Limited Company has invested 0% of its portfolio in Horizon Bancorp (NASDAQ:HBNC). Pacific Ridge Cap Ptnrs Limited Liability Corporation accumulated 149,323 shares. Barclays Public Limited Liability has invested 0% in Horizon Bancorp (NASDAQ:HBNC). Manufacturers Life Insur The stated it has 1.04 million shares. Virtu Limited Com owns 10,146 shares. Raymond James And Associate invested 0% in Horizon Bancorp (NASDAQ:HBNC). Earnest Prtnrs Limited Liability Corporation accumulated 1,950 shares. State Street Corporation accumulated 458,519 shares. Tradition Mgmt Limited Liability has 58,637 shares for 0.44% of their portfolio. Principal Finance Gru holds 0% in Horizon Bancorp (NASDAQ:HBNC) or 8,871 shares. Plante Moran Fincl Advisors Limited holds 0.07% or 4,327 shares in its portfolio. Bancorp Of America De stated it has 10,640 shares.

Since December 13, 2017, it had 0 buys, and 2 selling transactions for $497,900 activity. On Wednesday, December 13 the insider Thompson Michele M. sold $272,900.

The stock of Horizon Bancorp (HBNC) formed an up wedge with $31.32 target or 4.00 % above today’s $30.12 share price. The 9 months wedge indicates low risk for the $769.89M company. If the $31.32 price target is reached, the company will be worth $30.80M more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock increased 0.10% or $0.03 during the last trading session, reaching $30.12. About 61,372 shares traded. Horizon Bancorp (NASDAQ:HBNC) has risen 18.45% since April 25, 2017 and is uptrending. It has outperformed by 6.90% the S&P500.

Horizon Bancorp (NASDAQ:HBNC) Ratings Coverage

Among 3 analysts covering Horizon Bancorp (NASDAQ:HBNC), 2 have Buy rating, 0 Sell and 1 Hold. Therefore 67% are positive. Horizon Bancorp had 6 analyst reports since December 21, 2017 according to SRatingsIntel. Keefe Bruyette & Woods maintained Horizon Bancorp (NASDAQ:HBNC) rating on Monday, February 26. Keefe Bruyette & Woods has “Buy” rating and $35.0 target. The stock of Horizon Bancorp (NASDAQ:HBNC) has “Hold” rating given on Thursday, January 25 by Sandler O’Neill. The rating was maintained by Keefe Bruyette & Woods with “Buy” on Thursday, January 25. The stock has “Buy” rating by Keefe Bruyette & Woods on Thursday, December 21. The stock has “Buy” rating by Piper Jaffray on Sunday, January 28. The firm has “Hold” rating by Sandler O’Neill given on Wednesday, January 3.

Horizon Bancorp (NASDAQ:HBNC) Institutional Positions Chart

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