Bank of New York Mellon Corp purchased a new position in shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 289,490 shares of the financial services provider's stock, valued at approximately $5,784,000. Bank of New York Mellon Corp owned approximately 0.56% of Horizon Bancorp (IN) as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of HBNC. Vanguard Group Inc. lifted its stake in shares of Horizon Bancorp (IN) by 5.9% in the 4th quarter. Vanguard Group Inc. now owns 3,189,417 shares of the financial services provider's stock valued at $54,093,000 after purchasing an additional 176,448 shares during the period. Dimensional Fund Advisors LP boosted its position in Horizon Bancorp (IN) by 3.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,568,101 shares of the financial services provider's stock worth $41,116,000 after acquiring an additional 75,462 shares during the last quarter. PL Capital Advisors LLC grew its holdings in shares of Horizon Bancorp (IN) by 7.2% in the 4th quarter. PL Capital Advisors LLC now owns 1,812,825 shares of the financial services provider's stock valued at $30,746,000 after acquiring an additional 121,651 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Horizon Bancorp (IN) by 29.3% during the 1st quarter. Jennison Associates LLC now owns 1,605,798 shares of the financial services provider's stock worth $26,608,000 after purchasing an additional 363,433 shares in the last quarter. Finally, Wellington Management Group LLP bought a new stake in shares of Horizon Bancorp (IN) in the 3rd quarter valued at about $24,842,000. Institutional investors and hedge funds own 64.51% of the company's stock.
Horizon Bancorp (IN) Trading Up 1.2%
Shares of HBNC stock opened at $19.91 on Friday. Horizon Bancorp has a 1-year low of $14.97 and a 1-year high of $21.04. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.21. The stock has a 50-day moving average of $20.05 and a 200-day moving average of $18.57. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -6.30 and a beta of 0.81.
Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.02). The firm had revenue of $75.50 million during the quarter, compared to analyst estimates of $76.56 million. Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%. On average, equities research analysts forecast that Horizon Bancorp will post 2.07 earnings per share for the current year.
Horizon Bancorp (IN) Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, July 3rd were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Horizon Bancorp (IN)'s payout ratio is presently -20.25%.
Insider Transactions at Horizon Bancorp (IN)
In other news, EVP Kathie DeRuiter sold 8,000 shares of Horizon Bancorp (IN) stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $20.19, for a total transaction of $161,520.00. Following the completion of the transaction, the executive vice president directly owned 50,346 shares in the company, valued at $1,016,485.74. This trade represents a 13.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.19% of the company's stock.
Analyst Ratings Changes
Several analysts recently commented on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Piper Sandler reissued a "neutral" rating and set a $23.00 target price (up from $21.00) on shares of Horizon Bancorp (IN) in a report on Friday, July 24th. Weiss Ratings cut shares of Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, August 20th. Wall Street Zen upgraded shares of Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a research note on Sunday, August 16th. Finally, Stephens reissued an "overweight" rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $22.33.
View Our Latest Report on HBNC
Horizon Bancorp (IN) Company Profile
(
Free Report)
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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