Comerica Bank increased its stake in Horizon Bancorp Inc (NASDAQ:HBNC) by 14.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 479,434 shares of the financial services provider’s stock after purchasing an additional 59,999 shares during the quarter. Comerica Bank’s holdings in Horizon Bancorp were worth $8,419,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. 1ST Source Bank raised its stake in Horizon Bancorp by 12.3% in the 3rd quarter. 1ST Source Bank now owns 90,360 shares of the financial services provider’s stock valued at $1,785,000 after acquiring an additional 9,889 shares during the period. Indiana Trust & Investment Management CO increased its position in shares of Horizon Bancorp by 380.9% in the third quarter. Indiana Trust & Investment Management CO now owns 113,827 shares of the financial services provider’s stock worth $2,248,000 after purchasing an additional 90,157 shares during the period. CX Institutional increased its position in shares of Horizon Bancorp by 16.1% in the third quarter. CX Institutional now owns 63,306 shares of the financial services provider’s stock worth $1,250,000 after purchasing an additional 8,768 shares during the period. Northern Trust Corp increased its position in shares of Horizon Bancorp by 86.4% in the second quarter. Northern Trust Corp now owns 490,807 shares of the financial services provider’s stock worth $10,154,000 after purchasing an additional 227,469 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Horizon Bancorp by 52.5% in the second quarter. Bank of New York Mellon Corp now owns 214,660 shares of the financial services provider’s stock worth $4,442,000 after purchasing an additional 73,931 shares during the period. Institutional investors and hedge funds own 52.70% of the company’s stock.
Several analysts recently weighed in on the company. Zacks Investment Research lowered Horizon Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, November 3rd. Raymond James lowered their price objective on Horizon Bancorp from $23.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, November 1st. BidaskClub downgraded Horizon Bancorp from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 23rd. ValuEngine downgraded Horizon Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, September 12th. Finally, Stephens restated a “buy” rating and set a $24.00 price objective on shares of Horizon Bancorp in a report on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $22.00.
In related news, Director Larry N. Middleton sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 28th. The stock was sold at an average price of $20.69, for a total transaction of $51,725.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dennis Kuhn sold 5,841 shares of the firm’s stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $20.72, for a total value of $121,025.52. The disclosure for this sale can be found here. Company insiders own 4.60% of the company’s stock.
NASDAQ:HBNC opened at $17.14 on Friday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.99 and a current ratio of 0.99. Horizon Bancorp Inc has a 52-week low of $16.36 and a 52-week high of $22.13. The firm has a market cap of $659.07 million, a P/E ratio of 16.80 and a beta of 1.13.
Horizon Bancorp (NASDAQ:HBNC) last announced its earnings results on Monday, October 29th. The financial services provider reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.06). Horizon Bancorp had a return on equity of 10.36% and a net margin of 24.49%. The business had revenue of $42.46 million during the quarter, compared to the consensus estimate of $43.43 million. Research analysts forecast that Horizon Bancorp Inc will post 1.42 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, October 19th. Investors of record on Friday, October 5th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend was Thursday, October 4th. Horizon Bancorp’s dividend payout ratio is presently 39.22%.
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About Horizon Bancorp
Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that provides commercial and retail banking services. The company offers non-interest bearing and interest-bearing demand deposits, savings accounts, money market deposits, and time deposits. Its loan portfolio comprises commercial, financial, agricultural, and commercial tax-exempt loans; and real estate, mortgage warehouse, and consumer loans.
Further Reading: Understanding Price to Earnings Ratio (PE)
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