Bank of America Corp DE Makes New $2.18 Million Investment in Horizon Bancorp (IN) $HBNC

Key Points

• Bank of America initiated a $2.18 million position in Horizon Bancorp during the second quarter, acquiring 109,238 shares, while institutional investors and hedge funds collectively own 64.51% of the stock.
• Horizon Bancorp reported quarterly EPS of $0.49, slightly below the $0.51 analyst estimate, and revenue of $75.5 million versus the $76.56 million consensus. Analysts expect full-year EPS of $2.08.
• The company declared a quarterly dividend of $0.16 per share, equating to an annualized $0.64 payout and a 3.4% yield; analysts maintain a consensus “Hold” rating with an average price target of $22.33.

Bank of America Corp DE bought a new stake in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 109,238 shares of the financial services provider's stock, valued at approximately $2,183,000. Bank of America Corp DE owned about 0.21% of Horizon Bancorp (IN) as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in HBNC. Oxford Financial Group LTD. LLC acquired a new position in shares of Horizon Bancorp (IN) in the second quarter valued at $1,655,000. Hsbc Holdings PLC bought a new position in shares of Horizon Bancorp (IN) in the second quarter valued at about $1,095,000. Sanctuary Advisors LLC acquired a new stake in shares of Horizon Bancorp (IN) during the 2nd quarter worth about $1,396,000. Man Group plc acquired a new stake in shares of Horizon Bancorp (IN) during the 2nd quarter worth about $1,374,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Horizon Bancorp (IN) during the 2nd quarter worth about $21,797,000. 64.51% of the stock is owned by institutional investors and hedge funds.

Horizon Bancorp (IN) Price Performance

Shares of Horizon Bancorp (IN) stock opened at $18.83 on Thursday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $966.92 million, a price-to-earnings ratio of -5.96 and a beta of 0.81. Horizon Bancorp has a twelve month low of $14.97 and a twelve month high of $21.04. The company has a 50-day simple moving average of $19.86 and a two-hundred day simple moving average of $18.87.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.51 by ($0.02). Horizon Bancorp (IN) had a positive return on equity of 13.31% and a negative net margin of 36.38%.The business had revenue of $75.50 million for the quarter, compared to analyst estimates of $76.56 million. Analysts forecast that Horizon Bancorp will post 2.08 EPS for the current year.

Horizon Bancorp (IN) Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, October 2nd will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Friday, October 2nd. Horizon Bancorp (IN)'s dividend payout ratio (DPR) is -20.25%.

Insider Buying and Selling

In other Horizon Bancorp (IN) news, EVP Kathie 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 value of $161,520.00. Following the completion of the transaction, the executive vice president directly owned 50,346 shares of the company's stock, valued at $1,016,485.74. The trade was a 13.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.19% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on HBNC shares. Keefe, Bruyette & Woods upped their price target on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Stephens restated an "overweight" rating and set a $21.00 price objective on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. 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 report on Friday, July 24th. Weiss Ratings downgraded Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, September 17th. Finally, Wall Street Zen upgraded Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a research note on Sunday, August 16th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $22.33.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp, Inc is a bank holding company headquartered in Michigan City, Indiana. Through its principal subsidiary, Horizon Bank, the company provides a range of banking and financial services to individuals, families, businesses and municipal customers.

Horizon Bank offers deposit accounts, consumer and commercial lending, residential mortgage loans, credit and debit cards, online and mobile banking, cash-management services and other treasury-management solutions. Its business banking activities include commercial real estate financing, commercial and industrial loans, small-business services and agricultural lending in selected markets.

Founded in 1873, Horizon has a long history of serving communities in the Midwest.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.