Northern Trust Corp increased its stake in Horizon Bancorp Inc (NASDAQ:HBNC) by 86.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 490,807 shares of the financial services provider’s stock after purchasing an additional 227,469 shares during the quarter. Northern Trust Corp owned approximately 1.28% of Horizon Bancorp worth $10,154,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. BlackRock Inc. increased its stake in Horizon Bancorp by 66.7% in the 2nd quarter. BlackRock Inc. now owns 2,162,231 shares of the financial services provider’s stock worth $44,735,000 after purchasing an additional 864,841 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Horizon Bancorp by 61.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,459,492 shares of the financial services provider’s stock worth $30,197,000 after acquiring an additional 557,868 shares during the period. PL Capital Advisors LLC boosted its position in Horizon Bancorp by 50.0% during the 2nd quarter. PL Capital Advisors LLC now owns 1,333,712 shares of the financial services provider’s stock worth $27,595,000 after acquiring an additional 444,570 shares during the period. Epoch Investment Partners Inc. boosted its position in Horizon Bancorp by 42.6% during the 2nd quarter. Epoch Investment Partners Inc. now owns 1,107,627 shares of the financial services provider’s stock worth $22,917,000 after acquiring an additional 330,742 shares during the period. Finally, Renaissance Technologies LLC boosted its position in Horizon Bancorp by 99.2% during the 2nd quarter. Renaissance Technologies LLC now owns 935,110 shares of the financial services provider’s stock worth $19,347,000 after acquiring an additional 465,769 shares during the period. 52.70% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on HBNC shares. Stephens restated a “buy” rating and set a $24.00 price objective on shares of Horizon Bancorp in a research report on Friday, July 27th. Zacks Investment Research upgraded Horizon Bancorp from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research report on Tuesday, August 7th. Raymond James decreased 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 lowered Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, July 27th. Finally, ValuEngine lowered Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, September 12th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $22.00.
Shares of NASDAQ HBNC opened at $17.14 on Friday. Horizon Bancorp Inc has a one year low of $16.36 and a one year high of $22.13. The stock has a market cap of $662.14 million, a price-to-earnings ratio of 13.81 and a beta of 1.13. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.99 and a quick ratio of 0.99.
Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings data on Monday, October 29th. The financial services provider reported $0.32 EPS for the quarter, missing the Zacks’ consensus estimate 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 for the quarter, compared to analyst estimates of $43.43 million. Equities analysts expect that Horizon Bancorp Inc will post 1.42 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 19th. Stockholders of record on Friday, October 5th were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, October 4th. This represents a $0.40 annualized dividend and a dividend yield of 2.33%. Horizon Bancorp’s dividend payout ratio is 39.22%.
In other news, insider Dennis Kuhn sold 5,841 shares of Horizon Bancorp stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $20.72, for a total transaction of $121,025.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Larry N. Middleton sold 2,500 shares of Horizon Bancorp stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $20.69, for a total value of $51,725.00. The disclosure for this sale can be found here. 4.60% of the stock is owned by insiders.
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Horizon Bancorp Company Profile
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.
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