Insider Buying: Horizon Bancorp (IN) (NASDAQ:HBNC) CFO Purchases 1,724 Shares of Stock

Key Points

• Horizon Bancorp CFO John Stewart purchased 1,724 shares at $14.50 each, increasing his ownership by 2.21% to a total of 79,745 shares valued at approximately $1.16 million.
• The recent earnings report showed a Q2 EPS of $0.47, exceeding expectations of $0.44, with revenue slightly below forecasts at $66.27 million.
• A quarterly dividend of $0.16 per share was recently paid, yielding 4.1%, with a current dividend payout ratio of 54.70%.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) CFO John R. Stewart purchased 1,724 shares of the company's stock in a transaction on Friday, August 22nd. The shares were purchased at an average price of $14.50 per share, for a total transaction of $24,998.00. Following the purchase, the chief financial officer owned 79,745 shares in the company, valued at approximately $1,156,302.50. The trade was a 2.21% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Horizon Bancorp (IN) Stock Performance

Horizon Bancorp (IN) stock traded down $0.02 during trading hours on Friday, hitting $16.86. 363,033 shares of the stock traded hands, compared to its average volume of 483,636. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.76 and a quick ratio of 0.76. The firm's 50 day moving average price is $15.78 and its 200-day moving average price is $15.35. The stock has a market capitalization of $743.49 million, a price-to-earnings ratio of 14.41 and a beta of 0.87. Horizon Bancorp has a 1 year low of $12.70 and a 1 year high of $19.18.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last announced its quarterly earnings data 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 10.21%. The business had revenue of $66.27 million during the quarter, compared to analysts' expectations of $66.45 million. As a group, equities analysts expect that Horizon Bancorp will post 1.78 EPS for the current fiscal 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 paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.8%. The ex-dividend date was Thursday, July 3rd. Horizon Bancorp (IN)'s payout ratio is presently 54.70%.

Analyst Upgrades and Downgrades

Several analysts have commented on HBNC shares. Wall Street Zen cut shares of Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Piper Sandler lifted 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 note on Monday, July 28th. Finally, Keefe, Bruyette & Woods upgraded shares of Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $18.00 to $19.00 in a research note on Tuesday. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.33.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Large investors have recently made changes to their positions in the company. Aquatic Capital Management LLC acquired a new position in shares of Horizon Bancorp (IN) in the 4th quarter valued at $51,000. Quarry LP increased its holdings in Horizon Bancorp (IN) by 64.4% in the 4th quarter. Quarry LP now owns 3,450 shares of the financial services provider's stock worth $56,000 after acquiring an additional 1,352 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Horizon Bancorp (IN) in the 4th quarter worth $82,000. Tower Research Capital LLC TRC increased its holdings in Horizon Bancorp (IN) by 160.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider's stock worth $101,000 after acquiring an additional 4,024 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Horizon Bancorp (IN) in the 2nd quarter worth $134,000. 64.51% of the stock is currently owned by institutional investors and hedge funds.

About Horizon Bancorp (IN)

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.