Horizon Bancorp: Interest Margin Inflection Makes Shares Attractive

2026-01-27 02:28:29 ET

Shares of Horizon Bancorp ( HBNC ) have been a modest performer over the past year, gaining just 1%. Last year, the company raised capital to support a repositioning of its balance sheet, significantly increasing its run-rate net interest income (“NII”) and leaving it well positioned to return to offense. I last covered shares in November , rating Horizon a “ B uy,” and since then it has added 6% as it has moved towards my $20 price target. With updated financials, now is a good time to revisit HBNC. After a year of transition in 2025, I believe HBNC is poised for outperformance in 2026....

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