Horizon Bancorp (IN) $HBNC Shares Sold by Sapient Capital LLC

Key Points

• Sapient Capital cut its Horizon Bancorp stake by 97% in the second quarter, selling 2,016,626 shares and retaining 63,386 shares worth approximately $1.27 million. Institutional investors overall own 64.51% of the company.
• Horizon Bancorp reported quarterly earnings of $0.49 per share, slightly below the $0.51 consensus estimate, while revenue of $75.5 million also missed expectations. The company maintains a quarterly dividend of $0.16, equivalent to a 3.2% annual yield.
• Analysts remain mixed but generally cautious: Horizon has a consensus “Hold” rating and an average price target of $22.33, despite some analysts raising targets to $23.00.

Sapient Capital LLC lowered its position in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 97.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 63,386 shares of the financial services provider's stock after selling 2,016,626 shares during the quarter. Sapient Capital LLC owned about 0.12% of Horizon Bancorp (IN) worth $1,266,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of HBNC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Horizon Bancorp (IN) by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider's stock valued at $388,000 after purchasing an additional 1,057 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Horizon Bancorp (IN) by 28.5% during the 1st quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider's stock worth $2,269,000 after buying an additional 33,355 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Horizon Bancorp (IN) during the 1st quarter valued at approximately $1,231,000. Rhumbline Advisers raised its position in shares of Horizon Bancorp (IN) by 3.2% during the 2nd quarter. Rhumbline Advisers now owns 68,401 shares of the financial services provider's stock valued at $1,052,000 after buying an additional 2,093 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Horizon Bancorp (IN) in the second quarter valued at approximately $816,000. 64.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Horizon Bancorp (IN)

In related news, EVP Kathie A. Deruiter sold 8,000 shares of Horizon Bancorp (IN) stock in a transaction that occurred 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 in the company, valued at approximately $1,016,485.74. The trade was a 13.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.19% of the company's stock.

Horizon Bancorp (IN) Price Performance

HBNC opened at $20.22 on Tuesday. The stock's 50-day moving average price is $19.84 and its 200 day moving average price is $18.32. Horizon Bancorp has a 12-month low of $14.84 and a 12-month high of $21.04. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -6.40 and a beta of 0.82. 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 (IN) (NASDAQ:HBNC - Get Free Report) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.02). The firm had revenue of $75.50 million during the quarter, compared to analyst estimates of $76.56 million. Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.52%. As a group, sell-side analysts expect that Horizon Bancorp will post 2.07 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors 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 3.2%. Horizon Bancorp (IN)'s payout ratio is -20.25%.

Analyst Ratings Changes

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

About Horizon Bancorp (IN)

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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