Pacific Ridge Capital Partners LLC Has $6.02 Million Holdings in Horizon Bancorp (IN) (NASDAQ:HBNC)

Key Points

• Pacific Ridge Capital Partners LLC has reduced its stake in Horizon Bancorp (IN) by 4.8%, now holding 398,880 shares after selling 20,179 shares during the first quarter.
• Analysts have mixed opinions on Horizon Bancorp, with Wall Street Zen downgrading the stock from "buy" to "hold," while both Keefe, Bruyette & Woods and Piper Sandler raised their target prices to $18.00.
• Horizon Bancorp reported a quarterly EPS of $0.47, surpassing analysts' expectations, and announced a quarterly dividend of $0.16 per share, yielding 4.3%.

Pacific Ridge Capital Partners LLC reduced its holdings in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 4.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 398,880 shares of the financial services provider's stock after selling 20,179 shares during the period. Horizon Bancorp (IN) makes up 1.6% of Pacific Ridge Capital Partners LLC's portfolio, making the stock its 23rd largest holding. Pacific Ridge Capital Partners LLC owned approximately 0.91% of Horizon Bancorp (IN) worth $6,015,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in HBNC. KLP Kapitalforvaltning AS purchased a new position in shares of Horizon Bancorp (IN) in the 4th quarter worth approximately $143,000. Vanguard Group Inc. grew its holdings in shares of Horizon Bancorp (IN) by 3.9% during the fourth quarter. Vanguard Group Inc. now owns 2,452,279 shares of the financial services provider's stock worth $39,506,000 after buying an additional 91,476 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Horizon Bancorp (IN) by 99.4% in the fourth quarter. JPMorgan Chase & Co. now owns 212,568 shares of the financial services provider's stock valued at $3,424,000 after purchasing an additional 105,959 shares during the period. Trexquant Investment LP boosted its position in shares of Horizon Bancorp (IN) by 34.6% during the 4th quarter. Trexquant Investment LP now owns 63,425 shares of the financial services provider's stock worth $1,022,000 after purchasing an additional 16,299 shares during the period. Finally, Foundry Partners LLC raised its holdings in Horizon Bancorp (IN) by 29.1% in the fourth quarter. Foundry Partners LLC now owns 234,475 shares of the financial services provider's stock valued at $3,777,000 after acquiring an additional 52,875 shares in the last quarter. 64.51% of the stock is owned by hedge funds and other institutional investors.

Horizon Bancorp (IN) Trading Down 0.9%

Shares of HBNC stock traded down $0.14 during trading hours on Wednesday, hitting $15.25. 41,493 shares of the company were exchanged, compared to its average volume of 171,470. The firm has a market cap of $671.15 million, a PE ratio of 13.03 and a beta of 0.87. Horizon Bancorp has a 1 year low of $12.70 and a 1 year high of $19.18. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.15. The firm has a fifty day moving average of $15.38 and a 200 day moving average of $15.46.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03. Horizon Bancorp (IN) had a net margin of 13.84% and a return on equity of 10.30%. The firm had revenue of $66.27 million for the quarter, compared to analyst estimates of $66.45 million. Analysts expect that Horizon Bancorp will post 1.78 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend was Thursday, July 3rd. Horizon Bancorp (IN)'s payout ratio is currently 54.70%.

Analyst Upgrades and Downgrades

HBNC has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Piper Sandler boosted their target price on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a "market perform" rating in a research note on Friday, July 25th.

Horizon Bancorp (IN) Profile

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.