Horizon Bancorp

HBNC · NASDAQ

$19.70+$0.48 (+2.50%)TodayMarket closed · Oct 20, 7:55 PM ET

Prev close $19.22

HBNC analyst rating

BuyConsensus of 3 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy3
Hold0
Underperform0
Sell0

12-month price target · 7 analysts

Average $23.26 (+18.1% upside)

Low: $22.22
Now: $19.70
High: $24.15

Upgrades and downgrades

The latest rating actions, newest first

HBNC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Oct 2, 2026	Upgrade	Neutral → Overweight	$23.00 → $24.00	72%
Keefe, Bruyette & Woods	Jul 24, 2026	Maintains	Outperform	$21.00 → $23.00	64%
Piper Sandler	Jul 24, 2026	Maintains	Neutral	$21.00 → $23.00	72%
Stephens & Co.	Jul 1, 2026	Maintains	Overweight	$21.00	73%
Piper Sandler	Apr 27, 2026	Maintains	Neutral	$22.00 → $21.00	72%
Stephens & Co.	Mar 27, 2026	Initiates	Overweight	$20.00	73%
Keefe, Bruyette & Woods	Jan 23, 2026	Maintains	Outperform	$19.00 → $21.00	64%

The case for and against

Updated Oct 18, 2026

Bull case

Horizon Bancorp is supported by a strong 2Q result that showed operating earnings of $0.54/sh, driven by stronger fee income, lower expenses, and a lower provision, while operating ROA of 169bps and ROTCE of 19.8% signal exceptional profitability. The balance sheet looks healthier after capital raise, securities repositioning, and deleveraging, with loan growth of about 7% LQA, solid credit metrics as NPAs fell ~2% q/q, and regulatory capital strengthening to 11.1% CET1 and 8.81% TCE. Looking ahead, mid-single-digit loan and deposit growth, a mid-$40mm fee income run rate, and disciplined cost control should support durable earnings power and higher internal capital generation.

Bear case

Horizon Bancorp is facing a cautious fundamental backdrop as rising credit costs, reduced loan demand, and margin pressure could weigh on earnings in the current interest rate environment. Credit quality remains a key concern, with substandard loans ticking up 2% quarter over quarter to $64.6 million, or 1.30% of loans, even as net charge-offs stayed low at $0.6 million, while slower core deposit, fee income, and loan growth could further pressure results. Additional risk comes from outsized net interest margin dilution, acquisition execution and pricing, and regulatory or interest rate uncertainty, all of which could erode tangible book value and future profitability.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.