Man Group plc Buys New Shares in Horizon Bancorp (IN) $HBNC

Key Points

• Man Group plc acquired 68,753 Horizon Bancorp shares worth approximately $1.37 million, while several other institutions also initiated positions. Institutional investors collectively own 64.51% of the company.
• Analyst sentiment remains mixed, with two Buy ratings and three Holds. Horizon Bancorp has a consensus rating of Hold and an average price target of $22.33.
• Horizon Bancorp reported quarterly earnings of $0.49 per share, slightly below the $0.51 consensus estimate, but maintained a quarterly dividend of $0.16 per share, equating to a 3.3% annualized yield.

Man Group plc bought a new position in shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 68,753 shares of the financial services provider's stock, valued at approximately $1,374,000. Man Group plc owned approximately 0.13% of Horizon Bancorp (IN) as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the stock. Jupiter Topco LLC bought a new stake in shares of Horizon Bancorp (IN) during the 2nd quarter worth approximately $340,000. Hsbc Holdings PLC bought a new position in shares of Horizon Bancorp (IN) in the second quarter valued at $1,095,000. Legal & General Group Plc acquired a new position in Horizon Bancorp (IN) during the second quarter worth $788,000. The Manufacturers Life Insurance Company bought a new stake in Horizon Bancorp (IN) during the second quarter worth $21,797,000. Finally, Sanctuary Advisors LLC bought a new stake in Horizon Bancorp (IN) during the second quarter worth $1,396,000. 64.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Wall Street Zen raised shares of Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a research report on Sunday, August 16th. Keefe, Bruyette & Woods upped their target price on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Piper Sandler reiterated a "neutral" rating and issued a $23.00 target price (up from $21.00) on shares of Horizon Bancorp (IN) in a research note on Friday, July 24th. Weiss Ratings cut Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, August 20th. Finally, Stephens reissued an "overweight" rating and set a $21.00 price target on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Horizon Bancorp (IN) presently has a consensus rating of "Hold" and an average target price of $22.33.

Horizon Bancorp (IN) Trading Up 2.1%

HBNC stock opened at $19.65 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.92 and a quick ratio of 0.92. The company has a fifty day moving average price of $20.06 and a two-hundred day moving average price of $18.55. Horizon Bancorp has a one year low of $14.97 and a one year high of $21.04. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of -6.22 and a beta of 0.81.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.02). The company had revenue of $75.50 million during the quarter, compared to the consensus estimate of $76.56 million. Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%. Equities analysts anticipate that Horizon Bancorp will post 2.07 EPS for the current year.

Horizon Bancorp (IN) Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, July 3rd were paid a $0.16 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 3.3%. Horizon Bancorp (IN)'s dividend payout ratio is -20.25%.

Insiders Place Their Bets

In other Horizon Bancorp (IN) news, EVP Kathie A. Deruiter sold 8,000 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $20.19, for a total value of $161,520.00. Following the transaction, the executive vice president directly owned 50,346 shares of the company's stock, valued at $1,016,485.74. This represents a 13.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.19% of the stock is currently owned by corporate insiders.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source