AlphaQuest LLC Trims 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 position in shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 89.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,482 shares of the financial services provider's stock after selling 21,546 shares during the quarter. AlphaQuest LLC's holdings in Horizon Bancorp (IN) were worth $37,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Victory Capital Management Inc. purchased a new position in Horizon Bancorp (IN) during the first quarter valued at $995,000. Nuveen LLC purchased a new position in shares of Horizon Bancorp (IN) in the 1st quarter worth about $5,296,000. Vanguard Group Inc. raised its position in shares of Horizon Bancorp (IN) by 5.8% in the 1st quarter. Vanguard Group Inc. now owns 2,594,577 shares of the financial services provider's stock worth $39,126,000 after purchasing an additional 142,298 shares during the last quarter. Millennium Management LLC raised its position in shares of Horizon Bancorp (IN) by 39.2% in the 4th quarter. Millennium Management LLC now owns 70,420 shares of the financial services provider's stock worth $1,134,000 after purchasing an additional 19,828 shares during the last quarter. Finally, Bailard Inc. purchased a new position in shares of Horizon Bancorp (IN) in the 1st quarter worth about $348,000. Hedge funds and other institutional investors own 64.51% of the company's stock.

Analysts Set New Price Targets

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

Horizon Bancorp (IN) Stock Performance

Shares of NASDAQ:HBNC traded down $0.17 during trading on Friday, hitting $16.65. The company's stock had a trading volume of 297,919 shares, compared to its average volume of 500,891. The company has a 50-day moving average of $15.93 and a 200-day moving average of $15.32. Horizon Bancorp has a 12 month low of $12.70 and a 12 month high of $19.18. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.76 and a quick ratio of 0.76. The firm has a market cap of $734.27 million, a price-to-earnings ratio of 14.23 and a beta of 0.86.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.03. Horizon Bancorp (IN) had a net margin of 13.84% and a return on equity of 10.21%. The firm had revenue of $66.27 million for the quarter, compared to analysts' expectations of $66.45 million. On average, sell-side analysts expect that Horizon Bancorp will post 1.78 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Thursday, July 3rd. Horizon Bancorp (IN)'s dividend payout ratio is currently 54.70%.

About Horizon Bancorp (IN)

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.