Goldman Sachs Group Inc. Decreases Holdings in Horizon Bancorp (IN) $HBNC

Key Points

• Goldman Sachs Group Inc. has significantly reduced its holdings in Horizon Bancorp (IN) by 39.9% during the first quarter, now owning approximately 0.87% of the company.
• Horizon Bancorp recently reported earnings of $0.47 per share, surpassing analyst expectations of $0.44, highlighting a strong performance amid mixed revenue compared to estimates.
• Several analysts have revised their ratings for Horizon Bancorp, with Stephens raising the price target from $19.00 to $22.00 and a consensus rating of "Moderate Buy" reflecting positive sentiment among market experts.

Goldman Sachs Group Inc. lowered its stake in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 39.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 384,495 shares of the financial services provider's stock after selling 255,543 shares during the quarter. Goldman Sachs Group Inc. owned about 0.87% of Horizon Bancorp (IN) worth $5,798,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Horizon Bancorp (IN) by 5.8% in the 1st quarter. Vanguard Group Inc. now owns 2,594,577 shares of the financial services provider's stock worth $39,126,000 after purchasing an additional 142,298 shares in the last quarter. PL Capital Advisors LLC increased its stake in Horizon Bancorp (IN) by 0.5% in the 1st quarter. PL Capital Advisors LLC now owns 1,491,174 shares of the financial services provider's stock worth $22,487,000 after acquiring an additional 8,000 shares during the last quarter. LSV Asset Management increased its stake in Horizon Bancorp (IN) by 15.9% in the 1st quarter. LSV Asset Management now owns 711,873 shares of the financial services provider's stock worth $10,735,000 after acquiring an additional 97,818 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in Horizon Bancorp (IN) by 23.5% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 576,510 shares of the financial services provider's stock worth $8,694,000 after acquiring an additional 109,580 shares during the last quarter. Finally, Rhino Investment Partners Inc increased its stake in Horizon Bancorp (IN) by 1.3% in the 1st quarter. Rhino Investment Partners Inc now owns 537,363 shares of the financial services provider's stock worth $8,103,000 after acquiring an additional 7,000 shares during the last quarter. 64.51% of the stock is owned by hedge funds and other institutional investors.

Horizon Bancorp (IN) Stock Performance

NASDAQ HBNC traded down $0.34 during trading hours on Friday, reaching $16.50. The stock had a trading volume of 635,786 shares, compared to its average volume of 464,256. The stock has a fifty day moving average of $16.01 and a 200 day moving average of $15.32. The stock has a market cap of $727.65 million, a P/E ratio of 14.10 and a beta of 0.86. Horizon Bancorp has a 52-week low of $12.70 and a 52-week high of $19.18. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.76 and a current ratio of 0.76.

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

Horizon Bancorp (IN) Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, October 3rd will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, October 3rd. Horizon Bancorp (IN)'s dividend payout ratio (DPR) is presently 54.70%.

Analyst Ratings Changes

HBNC has been the topic of a number of research reports. Keefe, Bruyette & Woods raised Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $18.00 to $19.00 in a research note on Tuesday, August 26th. Wall Street Zen downgraded Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Piper Sandler boosted their target price 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. Finally, Stephens boosted their target price on Horizon Bancorp (IN) from $19.00 to $22.00 and gave the company an "overweight" rating in a research report on Tuesday, September 2nd. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $19.25.

Horizon Bancorp (IN) Company 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.