The Manufacturers Life Insurance Company bought a new stake in shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 1,090,943 shares of the financial services provider's stock, valued at approximately $21,797,000. The Manufacturers Life Insurance Company owned about 2.12% of Horizon Bancorp (IN) at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of HBNC. Bayview Asset Management LLC boosted its holdings in shares of Horizon Bancorp (IN) by 0.7% in the 4th quarter. Bayview Asset Management LLC now owns 95,462 shares of the financial services provider's stock valued at $1,619,000 after buying an additional 645 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Horizon Bancorp (IN) by 65.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider's stock worth $28,000 after acquiring an additional 660 shares during the last quarter. Rafferty Asset Management LLC boosted its stake in Horizon Bancorp (IN) by 3.9% in the second quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider's stock valued at $382,000 after acquiring an additional 941 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Horizon Bancorp (IN) by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider's stock valued at $388,000 after acquiring an additional 1,057 shares during the period. Finally, Sanctuary Advisors LLC grew its holdings in shares of Horizon Bancorp (IN) by 9.6% during the fourth quarter. Sanctuary Advisors LLC now owns 14,845 shares of the financial services provider's stock valued at $252,000 after purchasing an additional 1,298 shares during the last quarter. 64.51% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
HBNC has been the topic of a number of research reports. Piper Sandler reiterated a "neutral" rating and set a $23.00 price target (up from $21.00) on shares of Horizon Bancorp (IN) in a research report on Friday, July 24th. Wall Street Zen upgraded Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a research report on Sunday, August 16th. Weiss Ratings downgraded Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, August 20th. Stephens reaffirmed an "overweight" rating and issued a $21.00 target price on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods raised their target price on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Horizon Bancorp (IN) has an average rating of "Hold" and a consensus target price of $22.33.
Check Out Our Latest Research Report on HBNC
Horizon Bancorp (IN) Stock Performance
Shares of NASDAQ HBNC opened at $19.53 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.21. The stock has a 50 day simple moving average of $20.07 and a 200-day simple moving average of $18.51. The company has a market cap of $1.00 billion, a PE ratio of -6.18 and a beta of 0.82. Horizon Bancorp has a 12-month low of $14.97 and a 12-month high of $21.04.
Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.02). The business had revenue of $75.50 million during the quarter, compared to analyst estimates of $76.56 million. Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%. On average, equities research analysts forecast that Horizon Bancorp will post 2.07 EPS for the current year.
Horizon Bancorp (IN) Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, July 3rd were paid a $0.16 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. Horizon Bancorp (IN)'s dividend payout ratio is presently -20.25%.
Insider Activity at Horizon Bancorp (IN)
In other news, EVP Kathie A. Deruiter sold 8,000 shares of the firm'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 transaction, the executive vice president directly owned 50,346 shares of the company's stock, valued at approximately $1,016,485.74. This trade represents a 13.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.19% of the company's stock.
About Horizon Bancorp (IN)
(
Free Report)
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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