Sei Investments Co. Boosts Holdings in Horizon Bancorp (IN) $HBNC

Key Points

• Sei Investments Co. increased its Horizon Bancorp stake by 175.2% in the first quarter, reaching 90,926 shares valued at approximately $1.5 million. Institutional investors collectively own 64.51% of the company.
• Analyst sentiment remains mixed but leans toward “Hold”, with a consensus price target of $22.33. Recent targets range from $21 to $23, while two analysts rate the stock Buy and three rate it Hold.
• Horizon Bancorp reported quarterly EPS of $0.49, below the $0.51 consensus estimate, and revenue of $75.5 million, also short of forecasts. The company maintains a quarterly dividend of $0.16 per share, representing a 3.2% annualized yield.

Sei Investments Co. grew its position in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 175.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,926 shares of the financial services provider's stock after acquiring an additional 57,892 shares during the quarter. Sei Investments Co. owned about 0.18% of Horizon Bancorp (IN) worth $1,507,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its holdings in Horizon Bancorp (IN) by 65.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider's stock valued at $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 worth $101,000 after purchasing an additional 4,024 shares during the last quarter. Rossby Financial LCC purchased a new position in shares of Horizon Bancorp (IN) during the fourth quarter valued at approximately $124,000. Raymond James Financial Inc. purchased a new position in shares of Horizon Bancorp (IN) during the second quarter valued at approximately $134,000. Finally, Quadrant Capital Group LLC bought a new position in shares of Horizon Bancorp (IN) during the third quarter valued at approximately $140,000. Institutional investors own 64.51% of the company's stock.

Wall Street Analyst Weigh In

HBNC has been the topic of several recent analyst reports. Stephens reiterated an "overweight" rating and issued a $21.00 price target on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Wall Street Zen downgraded Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research report on Saturday. Keefe, Bruyette & Woods upped their price objective on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an "outperform" rating in a research 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. Finally, Weiss Ratings raised shares of Horizon Bancorp (IN) from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $22.33.

Horizon Bancorp (IN) Price Performance

NASDAQ HBNC opened at $20.22 on Tuesday. The company has a market cap of $1.04 billion, a PE ratio of -6.40 and a beta of 0.82. The firm's 50 day moving average price is $19.84 and its 200-day moving average price is $18.32. 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 has a 52-week low of $14.84 and a 52-week high of $21.04.

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 EPS for the quarter, missing analysts' consensus estimates of $0.51 by ($0.02). The business had revenue of $75.50 million during the quarter, compared to the consensus estimate of $76.56 million. Horizon Bancorp (IN) had a positive return on equity of 13.52% and a negative net margin of 36.38%. Sell-side analysts forecast that Horizon Bancorp will post 2.07 EPS for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, July 3rd were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Horizon Bancorp (IN)'s payout ratio is presently -20.25%.

Insider Activity at Horizon Bancorp (IN)

In related news, EVP Kathie A. Deruiter sold 8,000 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $20.19, for a total transaction of $161,520.00. Following the completion of the sale, the executive vice president directly owned 50,346 shares in the company, valued at $1,016,485.74. This represents a 13.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.19% of the company's stock.

About Horizon Bancorp (IN)

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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