Could Horizon Bancorp (HBNC) Go Up? The Stock Formed Wedge Up Pattern

April 20, 2018 - By Winifred Garcia

Horizon Bancorp (NASDAQ:HBNC) Logo

Investors sentiment increased to 1.83 in 2017 Q4. 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.
Pacific Ridge Capital Prns Ltd Liability Co invested in 149,323 shares or 1.1% of the stock. Royal Bank Of Canada owns 143 shares. Amica Retiree Med accumulated 13,402 shares. New York-based Maltese Ltd Com has invested 0.09% in Horizon Bancorp (NASDAQ:HBNC). Schwab Charles Mngmt Inc has invested 0% in Horizon Bancorp (NASDAQ:HBNC). Thrivent Fincl For Lutherans reported 0.01% of its portfolio in Horizon Bancorp (NASDAQ:HBNC). Brandywine Glob Mgmt Ltd Liability Corp owns 68,523 shares. Amica Mutual holds 0.33% of its portfolio in Horizon Bancorp (NASDAQ:HBNC) for 119,484 shares. Manufacturers Life The has 0.03% invested in Horizon Bancorp (NASDAQ:HBNC). Millennium Mgmt Ltd Liability Corporation holds 0% of its portfolio in Horizon Bancorp (NASDAQ:HBNC) for 25,632 shares. Eidelman Virant Cap reported 0.04% stake. California State Teachers Retirement reported 36,464 shares or 0% of all its holdings. Bridgeway Inc stated it has 0.01% of its portfolio in Horizon Bancorp (NASDAQ:HBNC). Wellington Management Grp Incorporated Ltd Liability Partnership invested in 0.01% or 888,164 shares. Chevy Chase owns 7,930 shares or 0% of their US portfolio.

Since December 13, 2017, it had 0 buys, and 2 sales for $497,900 activity. Thompson Michele M. had sold 10,000 shares worth $272,900 on Wednesday, December 13.

The stock of Horizon Bancorp (HBNC) formed an up wedge with $31.70 target or 5.00 % above today’s $30.19 share price. The 6 months wedge indicates low risk for the $771.81 million company. If the $31.70 price target is reached, the company will be worth $38.59 million 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 1.22% or $0.36 during the last trading session, reaching $30.19. About 37,897 shares traded. Horizon Bancorp (NASDAQ:HBNC) has risen 18.45% since April 20, 2017 and is uptrending. It has outperformed by 6.90% the S&P500.

Analysts await Horizon Bancorp (NASDAQ:HBNC) to report earnings on April, 24. They expect $0.47 EPS, up 38.24 % or $0.13 from last year’s $0.34 per share. HBNC’s profit will be $12.02 million for 16.06 P/E if the $0.47 EPS becomes a reality. After $0.40 actual EPS reported by Horizon Bancorp for the previous quarter, Wall Street now forecasts 17.50 % EPS growth.

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 the stock with “Buy” rating in Thursday, December 21 report. Sandler O’Neill maintained the stock with “Hold” rating in Wednesday, January 3 report. Sandler O’Neill maintained Horizon Bancorp (NASDAQ:HBNC) rating on Thursday, January 25. Sandler O’Neill has “Hold” rating and $31.0 target. Keefe Bruyette & Woods maintained the stock with “Buy” rating in Thursday, January 25 report. As per Sunday, January 28, the company rating was maintained by Piper Jaffray. Keefe Bruyette & Woods maintained Horizon Bancorp (NASDAQ:HBNC) on Monday, February 26 with “Buy” rating.

Horizon Bancorp (NASDAQ:HBNC) Institutional Positions Chart

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