Invesco Ltd. Reduces Stock Position in Horizon Bancorp (IN) $HBNC

Key Points

• Invesco Ltd. has reduced its stock holdings in Horizon Bancorp (IN) by 14.3%, bringing its total shares to 98,766 after selling 16,456 shares in the first quarter.
• Several hedge funds have modified their positions in Horizon Bancorp, with notable increases in holdings including MIRAE ASSET GLOBAL ETFS HOLDINGS and Price T Rowe Associates Inc..
• Equities research analysts have issued mixed ratings for Horizon Bancorp, with Piper Sandler raising the price target to $18.00 while Wall Street Zen downgraded the stock from a "buy" to a "hold" rating.

Invesco Ltd. trimmed its stake in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 14.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 98,766 shares of the financial services provider's stock after selling 16,456 shares during the quarter. Invesco Ltd. owned approximately 0.22% of Horizon Bancorp (IN) worth $1,489,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in HBNC. Vanguard Group Inc. boosted its stake in Horizon Bancorp (IN) by 5.8% in the first quarter. Vanguard Group Inc. now owns 2,594,577 shares of the financial services provider's stock valued at $39,126,000 after acquiring an additional 142,298 shares during the last quarter. LSV Asset Management boosted its stake in Horizon Bancorp (IN) by 15.9% in the first quarter. LSV Asset Management now owns 711,873 shares of the financial services provider's stock valued at $10,735,000 after acquiring an additional 97,818 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Horizon Bancorp (IN) in the fourth quarter valued at about $1,348,000. Dimensional Fund Advisors LP boosted its stake in Horizon Bancorp (IN) by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,464,189 shares of the financial services provider's stock valued at $39,698,000 after acquiring an additional 81,943 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new position in Horizon Bancorp (IN) in the first quarter valued at about $995,000. 64.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Horizon Bancorp (IN) Price Performance

Horizon Bancorp (IN) stock traded down $0.05 during midday trading on Thursday, reaching $16.59. 114,426 shares of the stock were exchanged, compared to its average volume of 211,364. The company's fifty day moving average is $15.88 and its 200-day moving average is $15.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market cap of $731.57 million, a PE ratio of 14.18 and a beta of 0.86. Horizon Bancorp has a 52 week low of $12.70 and a 52 week high of $19.18.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share for the quarter, topping 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 net margin of 13.84% and a return on equity of 10.21%. On average, sell-side analysts forecast that Horizon Bancorp will post 1.78 EPS for the current year.

Horizon Bancorp (IN) Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 3.9%. Horizon Bancorp (IN)'s dividend 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.