BlackBarn Capital Partners LP Acquires Shares of 300,000 Horizon Bancorp (IN) $HBNC

Key Points

• BlackBarn Capital Partners LP has acquired a new stake in Horizon Bancorp (IN), purchasing 300,000 shares valued at approximately $4.5 million, making it the firm's 17th largest holding.
• Recent analyst reports show a range of opinions on the stock, with Piper Sandler and Keefe, Bruyette & Woods increasing their target prices to $18.00, while Wall Street Zen lowered its rating from "buy" to "hold."
• Horizon Bancorp reported $0.47 earnings per share for the recent quarter, exceeding expectations, and also announced a quarterly dividend of $0.16 per share, representing a dividend yield of 4.1%.

BlackBarn Capital Partners LP purchased a new position in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 300,000 shares of the financial services provider's stock, valued at approximately $4,524,000. Horizon Bancorp (IN) accounts for 0.3% of BlackBarn Capital Partners LP's portfolio, making the stock its 17th biggest position. BlackBarn Capital Partners LP owned 0.68% of Horizon Bancorp (IN) as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Horizon Bancorp (IN) by 5.8% during the first quarter. Vanguard Group Inc. now owns 2,594,577 shares of the financial services provider's stock valued at $39,126,000 after buying an additional 142,298 shares during the period. Dimensional Fund Advisors LP grew its position in Horizon Bancorp (IN) by 3.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,464,189 shares of the financial services provider's stock valued at $39,698,000 after buying an additional 81,943 shares during the period. PL Capital Advisors LLC grew its position in Horizon Bancorp (IN) by 0.5% during the first quarter. PL Capital Advisors LLC now owns 1,491,174 shares of the financial services provider's stock valued at $22,487,000 after buying an additional 8,000 shares during the period. LSV Asset Management grew its position in Horizon Bancorp (IN) by 15.9% during the first quarter. LSV Asset Management now owns 711,873 shares of the financial services provider's stock valued at $10,735,000 after buying an additional 97,818 shares during the period. Finally, Rhino Investment Partners Inc grew its position in Horizon Bancorp (IN) by 1.3% during the first quarter. Rhino Investment Partners Inc now owns 537,363 shares of the financial services provider's stock valued at $8,103,000 after buying an additional 7,000 shares during the period. 64.51% of the stock is currently owned by institutional investors.

Horizon Bancorp (IN) Price Performance

HBNC traded up $0.09 during trading hours on Thursday, hitting $16.69. The company's stock had a trading volume of 136,883 shares, compared to its average volume of 207,578. The business's 50-day moving average price is $15.69 and its 200-day moving average price is $15.37. Horizon Bancorp has a 12 month low of $12.70 and a 12 month high of $19.18. The stock has a market cap of $735.81 million, a price-to-earnings ratio of 14.25 and a beta of 0.87. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.14.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $66.27 million for the quarter, compared to analysts' expectations of $66.45 million. Sell-side analysts expect that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were given a dividend of $0.16 per share. The ex-dividend date was Thursday, July 3rd. This represents a $0.64 dividend on an annualized basis and a yield of 3.8%. Horizon Bancorp (IN)'s payout ratio is 54.70%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on HBNC. Wall Street Zen lowered shares of Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. 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 research report on Tuesday. Finally, Piper Sandler lifted their price target 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. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $18.33.

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.