Insider Buying: Horizon Bancorp (IN) (NASDAQ:HBNC) CEO Buys 1,034 Shares of 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 Prame acquired 1,034 shares of the business's stock in a transaction on Friday, August 22nd. The stock was acquired at an average price of $14.50 per share, for a total transaction of $14,993.00. Following 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Horizon Bancorp (IN) Stock Up 0.1%

Shares of NASDAQ HBNC traded up $0.01 during midday trading on Monday, hitting $15.66. The stock had a trading volume of 994,870 shares, compared to its average volume of 196,310. The business's 50 day moving average is $15.59 and its 200-day moving average is $15.37. The company has a market cap of $690.61 million, a P/E ratio of 13.38 and a beta of 0.87. Horizon Bancorp has a 52 week low of $12.70 and a 52 week high of $19.18. 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 issued its earnings results on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.03. The firm had revenue of $66.27 million for the quarter, compared to the consensus estimate of $66.45 million. Horizon Bancorp (IN) had a net margin of 13.84% and a return on equity of 10.21%. As a group, analysts predict that Horizon Bancorp will post 1.78 EPS for the current year.

Horizon Bancorp (IN) Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Thursday, July 3rd. Horizon Bancorp (IN)'s dividend payout ratio is currently 54.70%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. 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 research note on Monday, July 28th. Keefe, Bruyette & Woods upped their target price on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the stock a "market perform" rating in a research note on Friday, July 25th. Finally, Wall Street Zen downgraded shares of Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $18.00.

Institutional Trading of Horizon Bancorp (IN)

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Horizon Bancorp (IN) by 3.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,665 shares of the financial services provider's stock worth $397,000 after acquiring an additional 792 shares during the last quarter. Rafferty Asset Management LLC lifted its holdings in shares of Horizon Bancorp (IN) by 3.9% in the 2nd quarter. Rafferty Asset Management LLC now owns 24,844 shares of the financial services provider's stock worth $382,000 after acquiring an additional 941 shares during the last quarter. Keybank National Association OH lifted its holdings in shares of Horizon Bancorp (IN) by 7.6% in the 2nd quarter. Keybank National Association OH now owns 14,089 shares of the financial services provider's stock worth $217,000 after acquiring an additional 1,000 shares during the last quarter. Meritage Portfolio Management lifted its holdings in shares of Horizon Bancorp (IN) by 5.5% in the 1st quarter. Meritage Portfolio Management now owns 23,491 shares of the financial services provider's stock worth $354,000 after acquiring an additional 1,231 shares during the last quarter. Finally, Quarry LP lifted its holdings in shares of 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 during the last quarter. 64.51% of the stock is owned by hedge funds and other institutional investors.

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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