Bridgeway Capital Management LLC Buys 33,355 Shares of Horizon Bancorp (IN) $HBNC

Key Points

• Bridgeway Capital Management LLC increased its stake in Horizon Bancorp (IN) by 14.5%, owning approximately 0.60% of the company with a position valued at $3.97 million.
• Several analysts have upgraded their price targets for Horizon Bancorp, with a consensus rating of "Moderate Buy" and an average target price of $19.25.
• Horizon Bancorp reported earnings of $0.47 per share for the last quarter, exceeding estimates, and declared a quarterly dividend of $0.16, resulting in a 3.8% yield.

Bridgeway Capital Management LLC grew its position in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 14.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 263,102 shares of the financial services provider's stock after purchasing an additional 33,355 shares during the period. Bridgeway Capital Management LLC owned about 0.60% of Horizon Bancorp (IN) worth $3,968,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in HBNC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Horizon Bancorp (IN) by 3.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,665 shares of the financial services provider's stock worth $397,000 after acquiring an additional 792 shares in the last quarter. Meritage Portfolio Management increased its holdings in Horizon Bancorp (IN) by 5.5% during the 1st quarter. Meritage Portfolio Management now owns 23,491 shares of the financial services provider's stock valued at $354,000 after purchasing an additional 1,231 shares in the last quarter. Occudo Quantitative Strategies LP raised its position in Horizon Bancorp (IN) by 9.4% in the 4th quarter. Occudo Quantitative Strategies LP now owns 20,525 shares of the financial services provider's stock valued at $331,000 after purchasing an additional 1,759 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Horizon Bancorp (IN) by 18.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,723 shares of the financial services provider's stock worth $270,000 after purchasing an additional 2,638 shares in the last quarter. Finally, Federated Hermes Inc. boosted its stake in Horizon Bancorp (IN) by 4.8% in the first quarter. Federated Hermes Inc. now owns 61,526 shares of the financial services provider's stock worth $928,000 after purchasing an additional 2,794 shares in the last quarter. Institutional investors own 64.51% of the company's stock.

Horizon Bancorp (IN) Trading Up 0.4%

Shares of NASDAQ HBNC traded up $0.06 during mid-day trading on Thursday, hitting $16.43. The company's stock had a trading volume of 215,447 shares, compared to its average volume of 512,115. Horizon Bancorp has a one year low of $12.70 and a one year high of $19.18. The company's fifty day simple moving average is $15.97 and its 200-day simple moving average is $15.33. 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 stock has a market cap of $724.56 million, a price-to-earnings ratio of 14.04 and a beta of 0.86.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share for the quarter, beating 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 business had revenue of $66.27 million for the quarter, compared to analyst estimates of $66.45 million. On average, sell-side analysts anticipate that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.9%. Horizon Bancorp (IN)'s payout ratio is 54.70%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on HBNC. Keefe, Bruyette & Woods upgraded Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and raised their target price for the company from $18.00 to $19.00 in a research note on Tuesday, August 26th. Stephens increased their price objective on shares of Horizon Bancorp (IN) from $19.00 to $22.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. Piper Sandler raised their price objective on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Finally, 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. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Horizon Bancorp (IN) currently has an average rating of "Moderate Buy" and an average target price of $19.25.

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.