AlphaQuest LLC Decreases Stock Holdings in Horizon Bancorp (IN) $HBNC

Key Points

• AlphaQuest LLC has significantly reduced its stake in Horizon Bancorp (IN) by 89.7%, now holding only 2,482 shares worth $37,000.
• Horizon Bancorp recently reported earnings per share of $0.47, surpassing analyst estimates and maintains a dividend yield of 3.8%.
• Analysts have raised their price targets for Horizon Bancorp, with a current consensus target price of $19.25 following upgrades from several brokerages.

AlphaQuest LLC lowered its stake in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 89.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,482 shares of the financial services provider's stock after selling 21,546 shares during the period. AlphaQuest LLC's holdings in Horizon Bancorp (IN) were worth $37,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in HBNC. Point72 Asset Management L.P. bought a new stake in Horizon Bancorp (IN) in the fourth quarter valued at $82,000. CX Institutional bought a new stake in Horizon Bancorp (IN) in the first quarter valued at $153,000. EP Wealth Advisors LLC bought a new stake in shares of Horizon Bancorp (IN) during the 4th quarter valued at $162,000. Balyasny Asset Management L.P. bought a new stake in shares of Horizon Bancorp (IN) during the 4th quarter valued at $168,000. Finally, ProShare Advisors LLC bought a new stake in shares of Horizon Bancorp (IN) during the 4th quarter valued at $197,000. Institutional investors own 64.51% of the company's stock.

Horizon Bancorp (IN) Stock Down 0.4%

Shares of HBNC traded down $0.06 during trading hours on Wednesday, hitting $16.37. The company had a trading volume of 160,420 shares, compared to its average volume of 513,761. The firm has a fifty day moving average price of $15.97 and a 200-day moving average price of $15.33. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a market capitalization of $721.92 million, a price-to-earnings ratio of 13.99 and a beta of 0.86. Horizon Bancorp has a 52-week low of $12.70 and a 52-week high of $19.18.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.03. The firm had revenue of $66.27 million during the quarter, compared to analyst estimates of $66.45 million. Horizon Bancorp (IN) had a return on equity of 10.21% and a net margin of 13.84%. On average, equities research analysts forecast that Horizon Bancorp will post 1.78 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 18th. Shareholders of record on Thursday, July 3rd were given a $0.16 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $0.64 dividend on an annualized basis and a yield of 3.9%. Horizon Bancorp (IN)'s payout ratio is 54.70%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on HBNC shares. Stephens boosted their target price on shares of Horizon Bancorp (IN) from $19.00 to $22.00 and gave the company an "overweight" rating in a report on Tuesday, September 2nd. Keefe, Bruyette & Woods upgraded shares of Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $18.00 to $19.00 in a report on Tuesday, August 26th. Wall Street Zen cut shares of Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Piper Sandler boosted their target price on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $19.25.

Horizon Bancorp (IN) Profile

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that engages in the provision of commercial and retail banking services. The company offers checking, saving, money market, certificate of deposits, individual retirement accounts, and time deposits, as well as non-interest- and interest-bearing demand deposits.