Wedge Capital Management L L P NC Takes Position in Horizon Bancorp (IN) $HBNC

Key Points

• Wedge Capital Management L L P has acquired a stake of 53,173 shares in Horizon Bancorp (IN), valued at approximately $818,000, reflecting their growing interest in the financial services provider.
• Three equities research analysts have rated Horizon Bancorp (IN) with a "Buy" rating while one has issued a "Hold" rating, with a consensus price target of $19.25.
• Horizon Bancorp recently announced a quarterly dividend of $0.16 per share, providing an annual yield of 3.9% for shareholders of record by October 3rd.

Wedge Capital Management L L P NC acquired a new stake in shares of Horizon Bancorp (IN) (NASDAQ:HBNC - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 53,173 shares of the financial services provider's stock, valued at approximately $818,000. Wedge Capital Management L L P NC owned approximately 0.12% of Horizon Bancorp (IN) as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Horizon Bancorp (IN) by 26.2% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 45,801 shares of the financial services provider's stock valued at $704,000 after purchasing an additional 9,500 shares in the last quarter. Strs Ohio bought a new stake in shares of Horizon Bancorp (IN) during the first quarter valued at about $552,000. Jane Street Group LLC bought a new stake in shares of Horizon Bancorp (IN) during the first quarter valued at about $1,231,000. Empowered Funds LLC raised its position in Horizon Bancorp (IN) by 28.5% in the first quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider's stock worth $2,269,000 after acquiring an additional 33,355 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position 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 worth $388,000 after acquiring an additional 1,057 shares in the last quarter. 64.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. 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. Piper Sandler boosted their price target 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. Stephens boosted their price target on shares of Horizon Bancorp (IN) from $19.00 to $22.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 2nd. Finally, Keefe, Bruyette & Woods upgraded shares of Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $18.00 to $19.00 in a research report on Tuesday, August 26th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $19.25.

Horizon Bancorp (IN) Stock Down 0.1%

HBNC opened at $16.25 on Wednesday. The business has a 50 day moving average price of $16.03 and a 200 day moving average price of $15.31. Horizon Bancorp has a twelve month low of $12.70 and a twelve month high of $19.18. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market cap of $716.59 million, a P/E ratio of 13.89 and a beta of 0.86.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.03. Horizon Bancorp (IN) had a return on equity of 10.21% and a net margin of 13.84%.The firm had revenue of $66.27 million during the quarter, compared to analyst estimates of $66.45 million. Research analysts forecast that Horizon Bancorp will post 1.78 EPS for the current year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, October 3rd will be issued a dividend of $0.16 per share. The ex-dividend date is Friday, October 3rd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.9%. Horizon Bancorp (IN)'s payout ratio is 54.70%.

Horizon Bancorp (IN) Company 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.

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