Thomas M. Prame Purchases 1,034 Shares of Horizon Bancorp (IN) (NASDAQ:HBNC) Stock

Key Points

• Horizon Bancorp CEO Thomas Prame purchased 1,034 shares of the company at an average price of $14.50 per share, increasing his total holdings to 47,521 shares.
• The company declared a quarterly dividend of $0.16, providing a dividend yield of 4.1% based on the annualized dividend.
• Analysts have set a new average price target of $18.00 for Horizon Bancorp, with ratings ranging from "buy" to "hold" based on recent evaluations.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) CEO Thomas M. Prame purchased 1,034 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were bought at an average cost of $14.50 per share, with a total value of $14,993.00. Following the completion of the acquisition, the chief executive officer owned 47,521 shares of the company's stock, valued at approximately $689,054.50. This trade represents a 2.22% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Horizon Bancorp (IN) Stock Performance

Shares of NASDAQ HBNC traded down $0.02 during mid-day trading on Friday, hitting $16.86. 363,033 shares of the company were exchanged, compared to its average volume of 483,636. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.14. The stock has a 50 day simple moving average of $15.78 and a 200-day simple moving average of $15.35. Horizon Bancorp has a 1-year low of $12.70 and a 1-year high of $19.18. The firm has a market cap of $743.49 million, a price-to-earnings ratio of 14.41 and a beta of 0.87.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last issued its quarterly 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 the consensus estimate of $66.45 million. On average, sell-side analysts forecast that Horizon Bancorp will post 1.78 EPS for the current fiscal 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 issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $0.64 annualized dividend and a dividend yield of 3.8%. Horizon Bancorp (IN)'s dividend payout ratio (DPR) is currently 54.70%.

Analysts Set New Price Targets

Several brokerages recently weighed in on HBNC. Keefe, Bruyette & Woods raised Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $18.00 to $19.00 in a report on Tuesday. Piper Sandler increased their price objective on Horizon Bancorp (IN) from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Finally, Wall Street Zen cut 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. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $18.33.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in HBNC. Wells Fargo & Company MN increased its position in shares of Horizon Bancorp (IN) by 7.4% in the fourth quarter. Wells Fargo & Company MN now owns 80,116 shares of the financial services provider's stock valued at $1,291,000 after buying an additional 5,541 shares in the last quarter. Invesco Ltd. increased its position in Horizon Bancorp (IN) by 3.5% during the 4th quarter. Invesco Ltd. now owns 115,222 shares of the financial services provider's stock worth $1,856,000 after purchasing an additional 3,851 shares in the last quarter. Renaissance Technologies LLC increased its position in Horizon Bancorp (IN) by 58.2% during the 4th quarter. Renaissance Technologies LLC now owns 89,716 shares of the financial services provider's stock worth $1,445,000 after purchasing an additional 33,000 shares in the last quarter. Barclays PLC increased its position in Horizon Bancorp (IN) by 8.9% during the 4th quarter. Barclays PLC now owns 119,343 shares of the financial services provider's stock worth $1,923,000 after purchasing an additional 9,790 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Horizon Bancorp (IN) by 3.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,464,189 shares of the financial services provider's stock worth $39,698,000 after buying an additional 81,943 shares in the last quarter. Hedge funds and other institutional investors own 64.51% of the company's stock.

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.