69,858 Shares in Horizon Bancorp (IN) $HBNC Acquired by Sanctuary Advisors LLC

Key Points

• Sanctuary Advisors acquired 69,858 Horizon Bancorp shares worth approximately $1.4 million, while institutional investors collectively own 64.51% of the company.
• Analyst sentiment remains mixed: Horizon Bancorp has a consensus “Hold” rating and an average price target of $22.33, despite some upgrades and higher targets.
• The bank reported quarterly EPS of $0.49, missing estimates by $0.02, and revenue of $75.5 million, below expectations. It also pays a quarterly dividend of $0.16, representing a 3.3% annualized yield.

Sanctuary Advisors LLC purchased a new position in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 69,858 shares of the financial services provider's stock, valued at approximately $1,396,000. Sanctuary Advisors LLC owned approximately 0.14% of Horizon Bancorp (IN) as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Horizon Bancorp (IN) in the 2nd quarter worth $143,890,000. Wellington Management Group LLP acquired a new position in Horizon Bancorp (IN) during the third quarter worth $24,842,000. FJ Capital Management LLC lifted its stake in shares of Horizon Bancorp (IN) by 309.5% in the fourth quarter. FJ Capital Management LLC now owns 1,083,840 shares of the financial services provider's stock valued at $18,382,000 after buying an additional 819,189 shares in the last quarter. Alliancebernstein L.P. lifted its stake in shares of Horizon Bancorp (IN) by 1,202.2% in the third quarter. Alliancebernstein L.P. now owns 593,109 shares of the financial services provider's stock valued at $9,496,000 after buying an additional 547,561 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in shares of Horizon Bancorp (IN) by 69.6% in the fourth quarter. Jennison Associates LLC now owns 1,242,365 shares of the financial services provider's stock valued at $21,071,000 after buying an additional 509,775 shares in the last quarter. Institutional investors own 64.51% of the company's stock.

Insider Activity at Horizon Bancorp (IN)

In related news, EVP Kathie A. Deruiter sold 8,000 shares of Horizon Bancorp (IN) stock in a transaction on Monday, July 27th. The stock was sold at an average price of $20.19, for a total transaction of $161,520.00. Following the sale, the executive vice president directly owned 50,346 shares in the company, valued at approximately $1,016,485.74. This trade represents a 13.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.19% of the company's stock.

Wall Street Analysts Forecast Growth

HBNC has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their target price on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Stephens reaffirmed an "overweight" rating and issued a $21.00 price target on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Wall Street Zen upgraded Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a research note on Sunday, August 16th. Piper Sandler reissued a "neutral" rating and set a $23.00 price objective (up from $21.00) on shares of Horizon Bancorp (IN) in a report on Friday, July 24th. Finally, Weiss Ratings downgraded Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, August 20th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $22.33.

Horizon Bancorp (IN) Stock Up 0.3%

Horizon Bancorp (IN) stock opened at $19.60 on Thursday. Horizon Bancorp has a fifty-two week low of $14.97 and a fifty-two week high of $21.04. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.92 and a current ratio of 0.92. The firm's 50-day simple moving average is $20.06 and its 200 day simple moving average is $18.50. The stock has a market cap of $1.01 billion, a PE ratio of -6.20 and a beta of 0.82.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.02). Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%. The firm had revenue of $75.50 million during the quarter, compared to analysts' expectations of $76.56 million. Research analysts predict that Horizon Bancorp will post 2.07 EPS for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, July 3rd were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. Horizon Bancorp (IN)'s dividend payout ratio is currently -20.25%.

Horizon Bancorp (IN) Profile

Horizon Bancorp NASDAQ: HBNC is a financial holding company headquartered in Columbus, Indiana, offering community banking and wealth management services through its subsidiary, Horizon Bank. As a locally focused institution, it provides a full range of retail and commercial banking products, including checking and savings accounts, consumer and mortgage lending, commercial real estate financing, and treasury management solutions.

In addition to traditional deposit and loan products, Horizon Bancorp's services encompass investment advisory and trust administration, retirement planning, and insurance products.

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