Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 195,494 Horizon Bancorp (IN) $HBNC

Key Points

• Connor Clark & Lunn Investment Management acquired 195,494 shares of Horizon Bancorp, valued at approximately $3.9 million and representing about 0.38% of the company. Institutional investors collectively own 64.51% of HBNC.
• Horizon Bancorp’s latest quarterly results fell slightly short of expectations, with earnings per share of $0.49 versus the $0.51 consensus and revenue of $75.5 million versus $76.56 million expected. The company pays a quarterly dividend of $0.16 per share, yielding about 3.3% annually.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $22.33, above the reported share price of $19.53. An executive also sold 8,000 shares for approximately $161,520.

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 195,494 shares of the financial services provider's stock, valued at approximately $3,906,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.38% of Horizon Bancorp (IN) as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in HBNC. EverSource Wealth Advisors LLC increased its position in shares of Horizon Bancorp (IN) by 65.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider's stock worth $28,000 after purchasing an additional 660 shares in the last quarter. Allworth Financial LP acquired a new position in Horizon Bancorp (IN) in the second quarter valued at about $31,000. Royal Bank of Canada boosted its position in Horizon Bancorp (IN) by 93.5% in the first quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider's stock valued at $48,000 after buying an additional 1,388 shares in the last quarter. Quantbot Technologies LP acquired a new position in Horizon Bancorp (IN) in the second quarter valued at about $70,000. Finally, Tower Research Capital LLC TRC grew its stake in Horizon Bancorp (IN) by 160.2% during the second quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider's stock worth $101,000 after buying an additional 4,024 shares during the last quarter. Institutional investors own 64.51% of the company's stock.

Insider Activity at Horizon Bancorp (IN)

In related news, EVP Kathie A. Deruiter sold 8,000 shares of the firm's stock in a transaction that occurred on 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 owned 50,346 shares of the company's stock, 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 document filed with the SEC, which is available at the SEC website. 1.19% of the stock is owned by company insiders.

Horizon Bancorp (IN) Stock Down 0.4%

Shares of NASDAQ HBNC opened at $19.53 on Friday. The firm's 50-day simple moving average is $20.07 and its 200 day simple moving average is $18.51. The company has a market cap of $1.00 billion, a price-to-earnings ratio of -6.18 and a beta of 0.82. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.21. Horizon Bancorp has a 12-month low of $14.97 and a 12-month high of $21.04.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last posted its quarterly earnings data 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). The company 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, research analysts expect that Horizon Bancorp will post 2.07 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, July 3rd were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Thursday, July 2nd. Horizon Bancorp (IN)'s dividend payout ratio is -20.25%.

Analysts Set New Price Targets

Several research firms have recently weighed in on HBNC. Wall Street Zen raised shares of Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a report on Sunday, August 16th. Keefe, Bruyette & Woods boosted their target price on 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 restated a "neutral" rating and set a $23.00 price target (up from $21.00) on shares of Horizon Bancorp (IN) in a research report on Friday, July 24th. Stephens restated an "overweight" rating and set a $21.00 price target on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Finally, Weiss Ratings cut Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, August 20th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $22.33.

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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