Vanguard Group Inc. Raises Stock Holdings in Horizon Bancorp (IN) $HBNC

Key Points

• Vanguard Group Inc. increased its stake in Horizon Bancorp (IN) by 5.8%, acquiring an additional 142,298 shares, bringing its total ownership to 5.89% worth approximately $39.1 million.
• Horizon Bancorp announced a quarterly dividend of $0.16, resulting in an annualized dividend yield of 3.9% and a payout ratio of 54.70%.
• Analysts recently set new price targets for Horizon Bancorp, with Keefe, Bruyette & Woods upgrading their target from $18 to $19, while Wall Street Zen downgraded their rating from "buy" to "hold."

Vanguard Group Inc. lifted its stake in Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) by 5.8% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,594,577 shares of the financial services provider's stock after buying an additional 142,298 shares during the quarter. Vanguard Group Inc. owned approximately 5.89% of Horizon Bancorp (IN) worth $39,126,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. purchased a new stake in Horizon Bancorp (IN) during the first quarter valued at $995,000. Renaissance Technologies LLC raised its stake in Horizon Bancorp (IN) by 58.2% during the fourth quarter. Renaissance Technologies LLC now owns 89,716 shares of the financial services provider's stock valued at $1,445,000 after purchasing an additional 33,000 shares in the last quarter. Millennium Management LLC raised its stake in Horizon Bancorp (IN) by 39.2% during the fourth quarter. Millennium Management LLC now owns 70,420 shares of the financial services provider's stock valued at $1,134,000 after purchasing an additional 19,828 shares in the last quarter. Bailard Inc. purchased a new stake in Horizon Bancorp (IN) during the first quarter valued at $348,000. Finally, Price T Rowe Associates Inc. MD raised its stake in Horizon Bancorp (IN) by 18.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,723 shares of the financial services provider's stock valued at $270,000 after purchasing an additional 2,638 shares in the last quarter. Hedge funds and other institutional investors own 64.51% of the company's stock.

Horizon Bancorp (IN) Trading Down 0.1%

Shares of NASDAQ HBNC traded down $0.02 during mid-day trading on Friday, reaching $16.86. The company had a trading volume of 363,033 shares, compared to its average volume of 483,636. The business's 50-day moving average is $15.78 and its 200-day moving average is $15.35. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.14. The stock has a market cap of $743.53 million, a price-to-earnings ratio of 14.41 and a beta of 0.87. Horizon Bancorp has a 52 week low of $12.70 and a 52 week high of $19.18.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released 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. The business had revenue of $66.27 million during the quarter, compared to analyst estimates of $66.45 million. Horizon Bancorp (IN) had a net margin of 13.84% and a return on equity of 10.21%. Equities analysts expect that Horizon Bancorp will post 1.78 earnings per share for the current year.

Horizon Bancorp (IN) Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were paid a $0.16 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $0.64 dividend on an annualized basis and a yield of 3.8%. Horizon Bancorp (IN)'s dividend payout ratio (DPR) is currently 54.70%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on HBNC. Keefe, Bruyette & Woods upgraded shares of Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $18.00 to $19.00 in a research report on Tuesday, August 26th. Piper Sandler boosted their price objective on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Finally, Wall Street Zen cut shares of Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $18.33.

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.