Horizon Bancorp (IN) $HBNC Shares Sold by Empowered Funds LLC

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 and hedge funds collectively own 64.51% of HBNC.
• Analyst sentiment remains mixed, with two Buy ratings and three Hold ratings. The stock has an average rating of “Hold” and an average price target of $22.33, while HBNC recently traded at $20.42.
• Horizon Bancorp reported quarterly EPS of $0.49, below the $0.51 consensus estimate, and revenue of $75.50 million versus expectations of $76.56 million. The company maintains a quarterly dividend of $0.16, equivalent to a 3.1% annualized yield.

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

A number of other institutional investors also recently made changes to their positions in HBNC. Vanguard Group Inc. increased its stake in shares of Horizon Bancorp (IN) by 5.9% during the fourth quarter. Vanguard Group Inc. now owns 3,189,417 shares of the financial services provider's stock valued at $54,093,000 after acquiring an additional 176,448 shares during the period. Dimensional Fund Advisors LP lifted its position in Horizon Bancorp (IN) by 3.0% in the third quarter. Dimensional Fund Advisors LP now owns 2,568,101 shares of the financial services provider's stock worth $41,116,000 after purchasing an additional 75,462 shares during the period. PL Capital Advisors LLC boosted its stake in Horizon Bancorp (IN) by 7.2% during the 4th quarter. PL Capital Advisors LLC now owns 1,812,825 shares of the financial services provider's stock valued at $30,746,000 after purchasing an additional 121,651 shares in the last quarter. Jennison Associates LLC boosted its stake in Horizon Bancorp (IN) by 29.3% during the 1st quarter. Jennison Associates LLC now owns 1,605,798 shares of the financial services provider's stock valued at $26,608,000 after purchasing an additional 363,433 shares in the last quarter. Finally, Wellington Management Group LLP bought a new position in Horizon Bancorp (IN) during the 3rd quarter valued at $24,842,000. 64.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on HBNC shares. Wall Street Zen lowered Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a report on Saturday. Piper Sandler reaffirmed a "neutral" rating and set a $23.00 target price (up from $21.00) on shares of Horizon Bancorp (IN) in a report on Friday, July 24th. Stephens reiterated an "overweight" rating and issued a $21.00 price target on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods upped 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. Finally, Weiss Ratings upgraded shares of Horizon Bancorp (IN) from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $22.33.

Insider Activity at Horizon Bancorp (IN)

In other news, EVP Kathie A. Deruiter sold 8,000 shares of the firm's stock in a transaction on 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 trade represents a 13.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 1.19% of the stock is currently owned by company insiders.

Horizon Bancorp (IN) Price Performance

HBNC stock opened at $20.42 on Monday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.22. Horizon Bancorp has a one year low of $14.84 and a one year high of $21.04. The firm has a market capitalization of $1.05 billion, a PE ratio of -6.46 and a beta of 0.82. The firm has a 50-day moving average of $19.80 and a two-hundred day moving average of $18.30.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.02). Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.52%. The firm had revenue of $75.50 million during the quarter, compared to analysts' expectations of $76.56 million. On average, analysts forecast that Horizon Bancorp will post 2.07 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

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

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.

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