Jennison Associates LLC Has $26.61 Million Stock Holdings in Horizon Bancorp (IN) $HBNC

Key Points

• Jennison Associates LLC increased its Horizon Bancorp stake by 29.3% in the first quarter, ending with 1,605,798 shares worth about $26.61 million, or roughly 3.13% of the company.
• Analysts are largely cautious on the stock: the consensus rating is Hold with an average price target of $21.00, though Stephens still rates it Overweight.
• Horizon Bancorp recently beat quarterly EPS estimates, reporting $0.51 per share versus $0.48 expected, and it also paid a quarterly dividend of $0.16 for a 3.2% annualized yield.

Jennison Associates LLC increased its position in shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 29.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,605,798 shares of the financial services provider's stock after acquiring an additional 363,433 shares during the period. Jennison Associates LLC owned about 3.13% of Horizon Bancorp (IN) worth $26,608,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its position in Horizon Bancorp (IN) by 65.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider's stock worth $28,000 after purchasing an additional 660 shares during the last quarter. Tower Research Capital LLC TRC lifted 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 acquiring an additional 4,024 shares during the last quarter. Rossby Financial LCC bought a new stake in Horizon Bancorp (IN) in the fourth quarter worth approximately $124,000. Raymond James Financial Inc. bought a new stake in Horizon Bancorp (IN) in the second quarter worth approximately $134,000. Finally, Quadrant Capital Group LLC acquired a new position in shares of Horizon Bancorp (IN) during the 3rd quarter worth $140,000. Institutional investors and hedge funds own 64.51% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Stephens reaffirmed an "overweight" rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Piper Sandler reiterated a "neutral" rating and set a $21.00 price target (down from $22.00) on shares of Horizon Bancorp (IN) in a research note on Monday, April 27th. Zacks Research raised Horizon Bancorp (IN) from a "strong sell" rating to a "hold" rating in a report on Friday, March 27th. Weiss Ratings raised Horizon Bancorp (IN) from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, July 6th. Finally, Wall Street Zen cut shares of Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research note on Monday. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $21.00.

Horizon Bancorp (IN) Price Performance

Shares of Horizon Bancorp (IN) stock opened at $20.21 on Tuesday. Horizon Bancorp has a twelve month low of $14.84 and a twelve month high of $20.66. The firm has a market cap of $1.04 billion, a P/E ratio of -6.36 and a beta of 0.82. The firm's 50-day simple moving average is $19.16 and its 200-day simple moving average is $17.97. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.90 and a current ratio of 0.91.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.48 by $0.03. Horizon Bancorp (IN) had a positive return on equity of 12.41% and a negative net margin of 37.28%.The business had revenue of $73.48 million during the quarter, compared to analysts' expectations of $76.11 million. As a group, research analysts expect that Horizon Bancorp will post 2.09 EPS for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were given a $0.16 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.64 annualized dividend and a yield of 3.2%. Horizon Bancorp (IN)'s payout ratio is presently -20.13%.

Horizon Bancorp (IN) Company 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.

Want to see what other hedge funds are holding HBNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.