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

Key Points

• Michele Annette Samuels, a director at Horizon Bancorp, purchased 1,724 shares of the company's stock at an average cost of $14.50, increasing her ownership by 52.85%.
• The company reported earnings of $0.47 per share for the last quarter, exceeding the consensus estimate of $0.44, with a revenue of $66.27 million.
• Horizon Bancorp announced a quarterly dividend of $0.16 per share, resulting in an annualized dividend yield of 4.1% and a payout ratio of 54.70%.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) Director Michele Annette Samuels bought 1,724 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were acquired at an average cost of $14.50 per share, with a total value of $24,998.00. Following the acquisition, the director directly owned 4,986 shares of the company's stock, valued at approximately $72,297. This represents a 52.85% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Horizon Bancorp (IN) Price Performance

Shares of Horizon Bancorp (IN) stock traded down $0.02 during trading hours on Friday, reaching $16.86. 363,033 shares of the company's stock were exchanged, compared to its average volume of 483,636. Horizon Bancorp has a 1 year low of $12.70 and a 1 year high of $19.18. The company has a market capitalization of $743.49 million, a P/E ratio of 14.41 and a beta of 0.87. The business has a fifty day moving average of $15.78 and a two-hundred day moving average of $15.35. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.14.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its earnings results on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analyst estimates of $66.45 million. As a group, research analysts predict that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Horizon Bancorp (IN) by 5.8% in the first quarter. Vanguard Group Inc. now owns 2,594,577 shares of the financial services provider's stock valued at $39,126,000 after buying an additional 142,298 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Horizon Bancorp (IN) by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,464,189 shares of the financial services provider's stock valued at $39,698,000 after purchasing an additional 81,943 shares during the period. PL Capital Advisors LLC lifted its stake in Horizon Bancorp (IN) by 0.5% during the first quarter. PL Capital Advisors LLC now owns 1,491,174 shares of the financial services provider's stock worth $22,487,000 after purchasing an additional 8,000 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Horizon Bancorp (IN) by 1.1% during the second quarter. Geode Capital Management LLC now owns 1,096,524 shares of the financial services provider's stock worth $16,868,000 after buying an additional 12,465 shares during the period. Finally, LSV Asset Management grew its stake in shares of Horizon Bancorp (IN) by 15.9% in the first quarter. LSV Asset Management now owns 711,873 shares of the financial services provider's stock valued at $10,735,000 after buying an additional 97,818 shares in the last quarter. Institutional investors and hedge funds own 64.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on HBNC. Keefe, Bruyette & Woods raised shares of Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $18.00 to $19.00 in a report on Tuesday. Piper Sandler upped their target price on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the stock a "neutral" rating in a 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 given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $18.33.

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.