Horizon Bancorp (IN) $HBNC Shares Sold by Indiana Trust & Investment Management Co

Key Points

• Indiana Trust & Investment Management Co has reduced its stake in Horizon Bancorp (IN) by 30.4%, selling 16,938 shares, and now owns approximately 38,700 shares valued at $584,000.
• Equities research analysts have mixed ratings on Horizon Bancorp, with a consensus price target of $19.25, while Piper Sandler and other firms recently adjusted their price targets upwards.
• Horizon Bancorp declared a quarterly dividend of $0.16 per share, with an annualized yield of 3.9%, reflecting a payout ratio of 54.7%.

Indiana Trust & Investment Management Co decreased its holdings in shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 30.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,700 shares of the financial services provider's stock after selling 16,938 shares during the quarter. Indiana Trust & Investment Management Co owned approximately 0.09% of Horizon Bancorp (IN) worth $584,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. purchased a new stake in Horizon Bancorp (IN) during the fourth quarter worth approximately $82,000. EP Wealth Advisors LLC purchased a new stake in Horizon Bancorp (IN) during the fourth quarter worth approximately $162,000. CX Institutional acquired a new position in Horizon Bancorp (IN) during the first quarter worth approximately $153,000. Balyasny Asset Management L.P. acquired a new position in Horizon Bancorp (IN) during the fourth quarter worth approximately $168,000. Finally, ProShare Advisors LLC acquired a new position in Horizon Bancorp (IN) during the fourth quarter worth approximately $197,000. Hedge funds and other institutional investors own 64.51% of the company's stock.

Analysts Set New Price Targets

HBNC has been the topic of several research analyst reports. Stephens lifted their price target on Horizon Bancorp (IN) from $19.00 to $22.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 2nd. Piper Sandler lifted their price target on Horizon Bancorp (IN) from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods raised Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $18.00 to $19.00 in a research report on Tuesday, August 26th. Finally, Wall Street Zen lowered Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $19.25.

Horizon Bancorp (IN) Stock Performance

Shares of NASDAQ:HBNC traded down $0.18 during trading on Friday, reaching $16.25. The company had a trading volume of 200,446 shares, compared to its average volume of 516,233. The firm has a market capitalization of $716.63 million, a price-to-earnings ratio of 13.89 and a beta of 0.86. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.76 and a quick ratio of 0.76. The stock's fifty day moving average price is $15.97 and its 200 day moving average price is $15.33. Horizon Bancorp has a fifty-two week low of $12.70 and a fifty-two week high of $19.18.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its earnings results on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.03. The business 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%. As a group, equities research analysts predict that Horizon Bancorp will post 1.78 EPS for the current year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend was Thursday, July 3rd. Horizon Bancorp (IN)'s dividend payout ratio is currently 54.70%.

About Horizon Bancorp (IN)

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.