Hsbc Holdings PLC Invests $1.09 Million in Horizon Bancorp (IN) $HBNC

Key Points

• Hsbc Holdings PLC acquired 54,847 Horizon Bancorp shares worth approximately $1.09 million, giving it a 0.11% stake; institutional investors and hedge funds collectively own 64.51% of the company.
• Analyst sentiment remains mixed: two analysts rate the stock a Buy and three rate it Hold, producing a consensus “Hold” rating and an average price target of $22.33.
• Horizon Bancorp reported quarterly earnings of $0.49 per share, below the $0.51 consensus estimate, while its $0.16 quarterly dividend implies a 3.3% annualized yield.

Hsbc Holdings PLC bought a new stake in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 54,847 shares of the financial services provider's stock, valued at approximately $1,095,000. Hsbc Holdings PLC owned 0.11% of Horizon Bancorp (IN) at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its stake 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 buying an additional 660 shares during the period. Allworth Financial LP purchased a new position in Horizon Bancorp (IN) in the second quarter valued at about $31,000. Royal Bank of Canada boosted its holdings in Horizon Bancorp (IN) by 93.5% in the first quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider's stock valued at $48,000 after purchasing an additional 1,388 shares during the last quarter. Quantbot Technologies LP purchased a new position in Horizon Bancorp (IN) in the second quarter valued at about $70,000. Finally, Tower Research Capital LLC TRC grew 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 purchasing an additional 4,024 shares in the last quarter. 64.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Wall Street Zen raised Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a research report on Sunday, August 16th. Keefe, Bruyette & Woods raised their price target on shares of 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 reissued an "overweight" rating and set a $21.00 price target on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Piper Sandler restated a "neutral" rating and issued a $23.00 price target (up from $21.00) on shares of Horizon Bancorp (IN) in a research note on Friday, July 24th. Finally, Weiss Ratings cut shares of Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, August 20th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Horizon Bancorp (IN) currently has a consensus rating of "Hold" and an average price target of $22.33.

Horizon Bancorp (IN) Trading Down 0.7%

NASDAQ HBNC opened at $19.42 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.92 and a current ratio of 0.92. Horizon Bancorp has a one year low of $14.97 and a one year high of $21.04. The company has a 50-day simple moving average of $20.07 and a 200-day simple moving average of $18.52. The firm has a market capitalization of $997.22 million, a PE ratio of -6.15 and a beta of 0.82.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its quarterly earnings data 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). Horizon Bancorp (IN) had a positive return on equity of 13.31% and a negative net margin of 36.38%.The business had revenue of $75.50 million for the quarter, compared to analyst estimates of $76.56 million. On average, equities analysts forecast that Horizon Bancorp will post 2.07 earnings per share for the current year.

Horizon Bancorp (IN) Announces Dividend

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

Insider Buying and Selling at Horizon Bancorp (IN)

In other news, EVP Kathie A. Deruiter sold 8,000 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $20.19, for a total transaction of $161,520.00. Following the sale, the executive vice president directly owned 50,346 shares in the company, valued at approximately $1,016,485.74. This represents a 13.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.19% of the company's stock.

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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