Hotchkis & Wiley Capital Management LLC Purchases 109,580 Shares of Horizon Bancorp (IN) $HBNC

Key Points

• Hotchkis & Wiley Capital Management LLC increased its holdings in Horizon Bancorp by 23.5%, acquiring an additional 109,580 shares, bringing their total ownership to 1.31% valued at approximately $8.7 million.
• Horizon Bancorp's recent quarterly earnings report showed an EPS of $0.47, surpassing estimates, while the company posted revenues of $66.27 million against analyst expectations of $66.45 million.
• The company declared a quarterly dividend of $0.16 per share, resulting in an annualized dividend of $0.64 and a yield of 4.1%, with a payout ratio of 54.70%.

Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 23.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 576,510 shares of the financial services provider's stock after buying an additional 109,580 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned about 1.31% of Horizon Bancorp (IN) worth $8,694,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of HBNC. Aquatic Capital Management LLC acquired a new position in Horizon Bancorp (IN) during the fourth quarter worth $51,000. Quarry LP grew its position in shares of Horizon Bancorp (IN) by 64.4% in the fourth quarter. Quarry LP now owns 3,450 shares of the financial services provider's stock valued at $56,000 after purchasing an additional 1,352 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Horizon Bancorp (IN) in the fourth quarter valued at about $82,000. CX Institutional acquired a new stake in shares of Horizon Bancorp (IN) in the first quarter valued at about $153,000. Finally, EP Wealth Advisors LLC acquired a new stake in shares of Horizon Bancorp (IN) in the fourth quarter valued at about $162,000. 64.51% of the stock is owned by institutional investors and hedge funds.

Horizon Bancorp (IN) Price Performance

NASDAQ HBNC traded up $0.28 during trading on Thursday, reaching $16.88. 477,155 shares of the company traded hands, compared to its average volume of 209,699. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.76 and a current ratio of 0.76. The stock's 50 day moving average price is $15.74 and its two-hundred day moving average price is $15.37. The company has a market cap of $744.41 million, a price-to-earnings ratio of 14.43 and a beta of 0.87. Horizon Bancorp has a 1-year low of $12.70 and a 1-year high of $19.18.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.03. The company had revenue of $66.27 million for the quarter, compared to the consensus estimate of $66.45 million. Horizon Bancorp (IN) had a return on equity of 10.21% and a net margin of 13.84%. As a group, analysts anticipate that Horizon Bancorp will post 1.78 EPS for the current year.

Horizon Bancorp (IN) Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on HBNC. Piper Sandler raised their price target on Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Wall Street Zen downgraded Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Keefe, Bruyette & Woods raised Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and raised their price target for the company from $18.00 to $19.00 in a research report on Tuesday. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Horizon Bancorp (IN) presently has a consensus rating of "Moderate Buy" and an average price target of $18.33.

Horizon Bancorp (IN) Profile

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.