Jennison Associates LLC Has $21.07 Million Holdings in Horizon Bancorp (IN) $HBNC

Key Points

• Jennison Associates increased its stake by 69.6% in Q4 to 1,242,365 shares worth $21.07 million, now owning 2.43% of Horizon Bancorp.
• Horizon reported a mixed quarter—EPS of $0.51 beat estimates while revenue of $73.48M missed consensus—and the company shows a positive ROE (12.35%) but a negative net margin (-37.28%) with a market cap of about $938.5M.
• The stock yields 3.5% (quarterly dividend $0.16) and carries an average analyst rating of Hold with an average target of $20.67, though a few firms have issued outperform/overweight calls.

Jennison Associates LLC boosted its holdings in shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 69.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,242,365 shares of the financial services provider's stock after acquiring an additional 509,775 shares during the quarter. Jennison Associates LLC owned 2.43% of Horizon Bancorp (IN) worth $21,071,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of HBNC. State of Alaska Department of Revenue acquired a new stake in Horizon Bancorp (IN) during the 3rd quarter worth about $28,000. Tower Research Capital LLC TRC grew its stake in Horizon Bancorp (IN) by 160.2% in the second 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. Raymond James Financial Inc. purchased a new position in Horizon Bancorp (IN) in the second quarter valued at about $134,000. Quadrant Capital Group LLC purchased a new position in Horizon Bancorp (IN) in the third quarter valued at about $140,000. Finally, New York State Common Retirement Fund grew its stake in Horizon Bancorp (IN) by 17.9% in the third quarter. New York State Common Retirement Fund now owns 10,514 shares of the financial services provider's stock valued at $168,000 after purchasing an additional 1,600 shares in the last quarter. 64.51% of the stock is currently owned by institutional investors and hedge funds.

Horizon Bancorp (IN) Stock Performance

Shares of NASDAQ HBNC opened at $18.32 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.94 and a current ratio of 0.95. The firm has a market cap of $938.53 million, a price-to-earnings ratio of -5.76 and a beta of 0.83. The business's 50-day simple moving average is $16.97 and its 200-day simple moving average is $17.04. Horizon Bancorp has a 52 week low of $14.34 and a 52 week high of $19.07.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share for the quarter, beating analysts' consensus estimates of $0.48 by $0.03. Horizon Bancorp (IN) had a positive return on equity of 12.35% and a negative net margin of 37.28%.The business had revenue of $73.48 million for the quarter, compared to the consensus estimate of $76.11 million. As a group, equities research analysts expect that Horizon Bancorp will post 2.1 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 17th. Investors of record on Friday, April 3rd were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Thursday, April 2nd. Horizon Bancorp (IN)'s dividend payout ratio (DPR) is presently -20.13%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on HBNC shares. Keefe, Bruyette & Woods boosted their target price on Horizon Bancorp (IN) from $19.00 to $21.00 and gave the company an "outperform" rating in a research note on Friday, January 23rd. Piper Sandler restated a "neutral" rating and issued a $21.00 target price (down from $22.00) on shares of Horizon Bancorp (IN) in a research note on Monday, April 27th. Stephens started coverage on Horizon Bancorp (IN) in a research note on Friday, March 27th. They issued an "overweight" rating and a $20.00 target price on the stock. Weiss Ratings upgraded Horizon Bancorp (IN) from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, April 24th. Finally, Zacks Research upgraded Horizon Bancorp (IN) from a "strong sell" rating to a "hold" rating in a research note on Friday, March 27th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $20.67.

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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