Arrowstreet Capital Limited Partnership Cuts Holdings in Horizon Bancorp (IN) $HBNC

Key Points

• Arrowstreet Capital cut its Horizon Bancorp stake by 89.2% in the first quarter, selling 164,978 shares and retaining 19,893 shares valued at approximately $330,000. Institutional investors collectively own 64.51% of the company.
• Horizon Bancorp reported quarterly EPS of $0.49, below the $0.51 consensus estimate, while revenue of $75.5 million also fell short of expectations. Analysts project full-year EPS of $2.07.
• The company maintains a quarterly dividend of $0.16 per share, equivalent to an annualized $0.64 payout and a 3.1% yield. Analysts’ consensus rating is Hold, with an average price target of $22.33.

Arrowstreet Capital Limited Partnership decreased its stake in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 89.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,893 shares of the financial services provider's stock after selling 164,978 shares during the period. Arrowstreet Capital Limited Partnership's holdings in Horizon Bancorp (IN) were worth $330,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP purchased a new position in shares of Horizon Bancorp (IN) during the 3rd quarter worth approximately $24,842,000. FJ Capital Management LLC increased its stake in shares of Horizon Bancorp (IN) by 309.5% during 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 purchasing an additional 819,189 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Horizon Bancorp (IN) by 1,202.2% during the third quarter. Alliancebernstein L.P. now owns 593,109 shares of the financial services provider's stock valued at $9,496,000 after purchasing an additional 547,561 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Horizon Bancorp (IN) by 69.6% during 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 purchasing an additional 509,775 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its position in shares of Horizon Bancorp (IN) by 78.9% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 963,397 shares of the financial services provider's stock worth $16,339,000 after purchasing an additional 424,896 shares in the last quarter. Hedge funds and other institutional investors own 64.51% of the company's stock.

Horizon Bancorp (IN) Stock Performance

NASDAQ:HBNC opened at $20.42 on Friday. The stock has a 50-day moving average price of $19.80 and a 200 day moving average price of $18.29. The stock has a market capitalization of $1.05 billion, a P/E ratio of -6.46 and a beta of 0.82. Horizon Bancorp has a 12-month low of $14.84 and a 12-month high of $21.04. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.22.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share 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 13.52%. The firm had revenue of $75.50 million for the quarter, compared to analysts' expectations of $76.56 million. Equities research analysts forecast that Horizon Bancorp will post 2.07 EPS for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, July 3rd were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.1%. Horizon Bancorp (IN)'s dividend payout ratio (DPR) is -20.25%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Piper Sandler restated a "neutral" rating and set a $23.00 price objective (up from $21.00) on shares of Horizon Bancorp (IN) in a research note on Friday, July 24th. Keefe, Bruyette & Woods increased their price target on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Weiss Ratings raised shares of Horizon Bancorp (IN) from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday. Stephens restated an "overweight" rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Finally, Wall Street Zen cut Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research report on Saturday. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $22.33.

Insider Activity at Horizon Bancorp (IN)

In related news, EVP Kathie A. Deruiter sold 8,000 shares of the company's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $20.19, for a total value of $161,520.00. Following the completion of the sale, the executive vice president directly owned 50,346 shares of the company's stock, valued at $1,016,485.74. This represents a 13.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.19% of the company's stock.

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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