Stock Worth Watching: Does Horizon Bancorp Have More Gas After Reaching Record High?

Stock Worth Watching: Does Horizon Bancorp Have More Gas After Reaching Record High?

The stock of Horizon Bancorp (NASDAQ:HBNC) reached all time high today, Nov, 14 and still has $49.82 target or 58.00% above today’s $31.53 share price. This indicates more upside for the $691.19M company. This technical setup was reported by Barchart.com. If the $49.82 PT is reached, the company will be worth $400.89 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. About 36,051 shares traded hands or 17.60% up from the average. Horizon Bancorp (NASDAQ:HBNC) has risen 30.40% since April 12, 2016 and is uptrending. It has outperformed by 25.41% the S&P500.

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. On Friday, August 7 the stock rating was upgraded by Bruyette & Woods” to “Outperform”. The stock of Horizon Bancorp (NASDAQ:HBNC) earned “Overweight” rating by Stephens on Friday, October 2. The rating was downgraded by Zacks to “Sell” on Thursday, September 3. The stock of Horizon Bancorp (NASDAQ:HBNC) earned “Outperform” rating by KBW on Friday, August 7. As per Thursday, October 6, the company rating was initiated by PiperJaffray. The firm has “Mkt Perform” rating by Bruyette & Woods” given on Friday, August 7. Piper Jaffray initiated Horizon Bancorp (NASDAQ:HBNC) rating on Thursday, October 6. Piper Jaffray has “Overweight” rating and $33.50 price target. Sandler O’Neill downgraded the stock to “Hold” rating in Thursday, January 7 report. The company was upgraded on Monday, March 14 by FIG Partners.

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 1.5 in Q2 2016. Its up 0.45, from 1.05 in 2016Q1. The ratio is positive, 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.
Wells Fargo & Mn holds 0% of its portfolio in Horizon Bancorp (NASDAQ:HBNC) for 27,636 shares. 1St Source State Bank reported 189,199 shares or 0.54% of all its holdings. State Street holds 145,460 shares or 0% of its portfolio. Sabal Trust holds 10,822 shares or 0.03% of its portfolio. Manufacturers Life Insur The owns 514,242 shares or 0.02% of their US portfolio. Moreover, Renaissance Ltd Llc has 0.01% invested in Horizon Bancorp (NASDAQ:HBNC) for 158,155 shares. Earnest Prtnrs Ltd Com holds 1,300 shares or 0% of its portfolio. Dean Capital accumulated 13,690 shares or 0.47% of the stock. Metropolitan Life Ny last reported 0% of its portfolio in the stock. New York State Common Retirement Fund holds 0% of its portfolio in Horizon Bancorp (NASDAQ:HBNC) for 13,400 shares. Dimensional Fund Advisors Ltd Partnership reported 301,627 shares or 0% of all its holdings. Bridgeway Cap Mgmt, a Texas-based fund reported 24,313 shares. Victory Mngmt last reported 31,590 shares in the company. The Illinois-based First Trust Advsrs Limited Partnership has invested 0% in Horizon Bancorp (NASDAQ:HBNC). The Illinois-based Northern Tru Corporation has invested 0% in Horizon Bancorp (NASDAQ:HBNC).

Insider Transactions: Since May 20, 2016, the stock had 0 buys, and 4 insider sales for $818,500 net activity. $48,000 worth of Horizon Bancorp (NASDAQ:HBNC) was sold by EDWARDS THOMAS H on Friday, May 20. DWIGHT CRAIG M had sold 10,000 shares worth $246,700 on Wednesday, June 1.

More notable recent Horizon Bancorp (NASDAQ:HBNC) news were published by: Businesswire.com which released: “Horizon Bancorp Announces Closing of CNB Bancorp Merger” on November 07, 2016, also Businesswire.com with their article: “Horizon Bancorp and Kosciusko Financial, Inc. Announce the Signing of a Merger …” published on February 05, 2016, 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) were released by: Businesswire.com and their article: “Horizon Bancorp Announces Closing of LaPorte Bancorp, Inc. Merger” published on July 18, 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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