Horizon Bancorp (IN) $HBNC Shares Acquired by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. increased its stake in Horizon Bancorp by 452.9% in Q3, buying an additional 297,799 shares to hold 363,548 shares (about a 0.71% stake) worth roughly $5.82 million.
• Analyst coverage is mixed with a consensus rating of "Hold" and an average price target of $19.67 (2 Buys, 2 Holds, 1 Sell); notable moves include KBW raising its target to $21 and Stephens initiating coverage with an "Overweight" and $20 target.
• Horizon announced a quarterly dividend of $0.16 (annualized $0.64, ~3.9% yield) payable April 17 (ex-dividend April 2); the stock has a market cap of about $849 million and a 52-week range of $12.70–$19.07.

JPMorgan Chase & Co. lifted its holdings in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 452.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 363,548 shares of the financial services provider's stock after buying an additional 297,799 shares during the period. JPMorgan Chase & Co. owned approximately 0.71% of Horizon Bancorp (IN) worth $5,820,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. State of Alaska Department of Revenue purchased a new position in Horizon Bancorp (IN) in the 3rd quarter worth approximately $28,000. Tower Research Capital LLC TRC grew its position in shares of Horizon Bancorp (IN) by 160.2% in the second quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider's stock valued at $101,000 after purchasing an additional 4,024 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Horizon Bancorp (IN) in the second quarter valued at approximately $134,000. Quadrant Capital Group LLC purchased a new position in Horizon Bancorp (IN) during the third quarter worth approximately $140,000. Finally, New York State Common Retirement Fund lifted its position in Horizon Bancorp (IN) by 17.9% during the third quarter. New York State Common Retirement Fund now owns 10,514 shares of the financial services provider's stock worth $168,000 after buying an additional 1,600 shares in the last quarter. 64.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

HBNC has been the subject of several analyst reports. Zacks Research upgraded Horizon Bancorp (IN) from a "strong sell" rating to a "hold" rating in a report on Friday, March 27th. Wall Street Zen raised shares of Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a research report on Saturday, March 21st. Keefe, Bruyette & Woods upped their price objective on shares of Horizon Bancorp (IN) from $19.00 to $21.00 and gave the company an "outperform" rating in a report on Friday, January 23rd. Weiss Ratings restated a "sell (d)" rating on shares of Horizon Bancorp (IN) in a research report on Monday, December 29th. Finally, Stephens started coverage on shares of Horizon Bancorp (IN) in a research note on Friday, March 27th. They set an "overweight" rating and a $20.00 target price on the stock. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Horizon Bancorp (IN) currently has a consensus rating of "Hold" and an average price target of $19.67.

Horizon Bancorp (IN) Price Performance

NASDAQ:HBNC opened at $16.57 on Wednesday. Horizon Bancorp has a 52 week low of $12.70 and a 52 week high of $19.07. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $848.88 million, a P/E ratio of -5.26 and a beta of 0.82. The stock's fifty day moving average is $17.15 and its two-hundred day moving average is $16.81.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.03. The business had revenue of $64.53 million during the quarter, compared to analysts' expectations of $74.35 million. Horizon Bancorp (IN) had a positive return on equity of 11.77% and a negative net margin of 37.12%. Equities analysts expect that Horizon Bancorp will post 1.78 EPS for the current year.

Horizon Bancorp (IN) Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 17th. Shareholders of record on Friday, April 3rd will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Thursday, April 2nd. Horizon Bancorp (IN)'s dividend payout ratio (DPR) is -20.32%.

Horizon Bancorp (IN) Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.