Empowered Funds LLC Lowers Stock Holdings in Horizon Bancorp (IN) $HBNC

Key Points

• Empowered Funds LLC cut its Horizon Bancorp stake by 66.6% in the first quarter, selling 108,000 shares and retaining 54,152 shares worth approximately $897,000. Institutional investors collectively own 64.51% of the company.
• Analyst sentiment remains mixed: two analysts rate HBNC a Buy and three rate it Hold, resulting in a consensus “Hold” rating and an average price target of $22.33.
• Horizon Bancorp reported quarterly EPS of $0.49, below the $0.51 consensus estimate, while revenue of $75.5 million also missed expectations. The company pays a quarterly dividend of $0.16 per share, representing a 3.1% annualized yield.

Empowered Funds LLC reduced its holdings in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 66.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,152 shares of the financial services provider's stock after selling 108,000 shares during the quarter. Empowered Funds LLC owned approximately 0.11% of Horizon Bancorp (IN) worth $897,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its holdings in shares of Horizon Bancorp (IN) by 83.8% during the 1st quarter. Bank of America Corp DE now owns 141,340 shares of the financial services provider's stock worth $2,342,000 after acquiring an additional 64,437 shares during the period. Arkadios Wealth Advisors purchased a new stake in Horizon Bancorp (IN) in the first quarter valued at approximately $602,000. Amundi purchased a new stake in Horizon Bancorp (IN) in the first quarter valued at approximately $224,000. Royal Bank of Canada increased its position in Horizon Bancorp (IN) by 93.5% during the first quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider's stock worth $48,000 after purchasing an additional 1,388 shares during the last quarter. Finally, Quantinno Capital Management LP increased its position in Horizon Bancorp (IN) by 66.9% during the first quarter. Quantinno Capital Management LP now owns 78,339 shares of the financial services provider's stock worth $1,298,000 after purchasing an additional 31,402 shares during the last quarter. 64.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

HBNC has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods lifted their price target on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Wall Street Zen upgraded Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a report on Sunday. Stephens reaffirmed an "overweight" rating and issued a $21.00 target price on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Piper Sandler reiterated a "neutral" rating and issued a $23.00 target price (up from $21.00) on shares of Horizon Bancorp (IN) in a report on Friday, July 24th. Finally, Weiss Ratings raised Horizon Bancorp (IN) from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $22.33.

Horizon Bancorp (IN) Price Performance

Horizon Bancorp (IN) stock opened at $20.36 on Tuesday. Horizon Bancorp has a 52-week low of $14.84 and a 52-week high of $21.04. The firm has a fifty day moving average of $20.02 and a 200-day moving average of $18.41. The firm has a market capitalization of $1.05 billion, a P/E ratio of -6.44 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 (IN) (NASDAQ:HBNC - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.51 by ($0.02). Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%. The business had revenue of $75.50 million during the quarter, compared to analysts' expectations of $76.56 million. As a group, analysts predict that Horizon Bancorp will post 2.07 EPS for the current year.

Horizon Bancorp (IN) Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Thursday, July 2nd. Horizon Bancorp (IN)'s payout ratio is currently -20.25%.

Insider Buying and Selling at Horizon Bancorp (IN)

In other news, EVP Kathie A. Deruiter sold 8,000 shares of the company's stock in a transaction dated 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 sale, the executive vice president owned 50,346 shares of the company's stock, valued at $1,016,485.74. This 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 at this hyperlink. 1.19% of the stock is owned by insiders.

About Horizon Bancorp (IN)

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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