Horizon Bancorp (IN) $HBNC Stake Lifted by Bank of America Corp DE

Key Points

• Bank of America increased its Horizon Bancorp stake by 83.8% in the first quarter, acquiring 64,437 additional shares for a total holding of 141,340 shares valued at approximately $2.34 million. Institutional investors collectively own 64.51% of the company.
• Horizon Bancorp reported quarterly EPS of $0.49, missing the $0.51 analyst consensus, while revenue of $75.5 million also came in below estimates. The company paid a quarterly dividend of $0.16, equal to a 3.3% annualized yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $22.33, compared with the stock’s reported opening price of $19.25. Recent ratings ranged from “Buy” and “Outperform” to “Neutral.”

Bank of America Corp DE grew its position in shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 83.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 141,340 shares of the financial services provider's stock after acquiring an additional 64,437 shares during the quarter. Bank of America Corp DE owned about 0.28% of Horizon Bancorp (IN) worth $2,342,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. EverSource Wealth Advisors LLC boosted its position in Horizon Bancorp (IN) by 65.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider's stock worth $28,000 after acquiring an additional 660 shares during the period. Royal Bank of Canada increased its stake in Horizon Bancorp (IN) by 93.5% during the 1st quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider's stock valued at $48,000 after buying an additional 1,388 shares during the period. Tower Research Capital LLC TRC increased its stake in Horizon Bancorp (IN) by 160.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider's stock valued at $101,000 after buying an additional 4,024 shares during the period. Rossby Financial LCC bought a new stake in shares of Horizon Bancorp (IN) during the 4th quarter worth about $124,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Horizon Bancorp (IN) in the 2nd quarter worth approximately $134,000. Institutional investors own 64.51% of the company's stock.

Horizon Bancorp (IN) Stock Down 0.9%

HBNC opened at $19.25 on Wednesday. Horizon Bancorp has a 1-year low of $14.97 and a 1-year high of $21.04. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $988.49 million, a price-to-earnings ratio of -6.09 and a beta of 0.81. The business has a 50 day moving average of $20.06 and a 200-day moving average of $18.53.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.51 by ($0.02). Horizon Bancorp (IN) had a positive return on equity of 13.31% and a negative net margin of 36.38%.The company had revenue of $75.50 million for the quarter, compared to the consensus estimate of $76.56 million. As a group, sell-side analysts anticipate that Horizon Bancorp will post 2.07 earnings per share for the current year.

Horizon Bancorp (IN) Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, July 3rd were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Thursday, July 2nd. Horizon Bancorp (IN)'s dividend payout ratio is presently -20.25%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Weiss Ratings cut Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, August 20th. 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 research report on Friday, July 24th. Stephens reissued an "overweight" rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Wall Street Zen upgraded Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a research report on Sunday, August 16th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $23.00 price objective (up from $21.00) on shares of Horizon Bancorp (IN) in a research note on Friday, July 24th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $22.33.

Insider Buying and Selling

In related 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 transaction, the executive vice president directly 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.19% of the stock is currently owned by company insiders.

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.

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