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

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Point72 Asset Management L.P. acquired a new position in shares of Horizon Bancorp (IN) during the 4th quarter worth about $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) in the first quarter valued at approximately $153,000. Balyasny Asset Management L.P. purchased a new position in Horizon Bancorp (IN) in the fourth quarter valued at approximately $168,000. Finally, ProShare Advisors LLC acquired a new stake in Horizon Bancorp (IN) during the fourth quarter worth approximately $197,000. 64.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on HBNC shares. Piper Sandler increased their target price on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Wall Street Zen lowered Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Keefe, Bruyette & Woods raised Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $18.00 to $19.00 in a report on Tuesday, August 26th. Finally, Stephens raised their price target on Horizon Bancorp (IN) from $19.00 to $22.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Horizon Bancorp (IN) presently has an average rating of "Moderate Buy" and an average price target of $19.25.

Horizon Bancorp (IN) Stock Performance

HBNC stock traded down $0.07 during trading on Monday, hitting $16.18. The company had a trading volume of 103,772 shares, compared to its average volume of 211,442. The firm has a 50-day moving average price of $15.97 and a 200-day moving average price of $15.31. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.14. The firm has a market cap of $713.54 million, a PE ratio of 13.82 and a beta of 0.86. Horizon Bancorp has a 1-year low of $12.70 and a 1-year 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. Horizon Bancorp (IN) had a return on equity of 10.21% and a net margin of 13.84%.The business had revenue of $66.27 million for the quarter, compared to analyst estimates of $66.45 million. On average, analysts expect that Horizon Bancorp will post 1.78 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $0.64 annualized dividend and a dividend yield of 4.0%. Horizon Bancorp (IN)'s payout ratio is presently 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.