Horizon Bancorp (IN) $HBNC Shares Sold by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors reduced its Horizon Bancorp stake by 18.3%, selling 441,181 shares in the first quarter but retaining 1.97 million shares valued at approximately $32.6 million. Institutional investors and hedge funds collectively own 64.51% of the company.
• Horizon Bancorp reported quarterly EPS of $0.49, slightly below the $0.51 analyst consensus, while revenue of $75.5 million also missed estimates. The stock opened at $20.80, near its 52-week high of $21.04.
• The company maintains a quarterly dividend of $0.16 per share, equivalent to a 3.1% annual yield. Analysts have a consensus “Hold” rating and an average price target of $22.33, with some firms recently raising their targets to $23.

Dimensional Fund Advisors LP trimmed its holdings in shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 18.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,965,861 shares of the financial services provider's stock after selling 441,181 shares during the quarter. Dimensional Fund Advisors LP owned 3.84% of Horizon Bancorp (IN) worth $32,574,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in HBNC. Jennison Associates LLC grew its stake in shares of Horizon Bancorp (IN) by 29.3% during the first quarter. Jennison Associates LLC now owns 1,605,798 shares of the financial services provider's stock worth $26,608,000 after acquiring an additional 363,433 shares during the last quarter. Fifth Third Bancorp acquired a new stake in Horizon Bancorp (IN) in the 1st quarter worth approximately $259,000. Hsbc Holdings PLC increased its stake in Horizon Bancorp (IN) by 274.5% during the 1st quarter. Hsbc Holdings PLC now owns 80,277 shares of the financial services provider's stock valued at $1,327,000 after purchasing an additional 58,840 shares in the last quarter. B.O.S.S. Retirement Advisors LLC acquired a new position in Horizon Bancorp (IN) during the 1st quarter valued at approximately $518,000. Finally, Counterpoint Mutual Funds LLC purchased a new position in shares of Horizon Bancorp (IN) in the first quarter worth $304,000. 64.51% of the stock is owned by institutional investors and hedge funds.

Horizon Bancorp (IN) Stock Up 0.2%

Horizon Bancorp (IN) stock opened at $20.80 on Wednesday. Horizon Bancorp has a 52 week low of $14.84 and a 52 week high of $21.04. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -6.58 and a beta of 0.82. The business's 50-day moving average price is $19.67 and its 200 day moving average price is $18.24. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.22.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $75.50 million for the quarter, compared to analyst estimates of $76.56 million. Horizon Bancorp (IN) had a positive return on equity of 13.52% and a negative net margin of 36.38%. As a group, sell-side analysts anticipate that Horizon Bancorp will post 2.07 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

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

Insider Buying and Selling

In other Horizon Bancorp (IN) news, EVP Kathie A. Deruiter sold 8,000 shares of Horizon Bancorp (IN) stock in a transaction 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 transaction, the executive vice president owned 50,346 shares of the company's stock, valued at approximately $1,016,485.74. The trade was a 13.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.19% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Keefe, Bruyette & Woods lifted their price target on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Weiss Ratings downgraded Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, July 21st. Wall Street Zen upgraded shares of Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a report on Tuesday, July 28th. Piper Sandler reissued 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. Finally, Stephens reaffirmed an "overweight" rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Horizon Bancorp (IN) presently has a consensus rating of "Hold" and an average price target 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source