Kathie Deruiter Sells 8,000 Shares of Horizon Bancorp (IN) (NASDAQ:HBNC) Stock

Key Points

• Horizon Bancorp EVP Kathie Deruiter sold 8,000 shares at an average price of $20.19, totaling $161,520 and reducing her stake by 13.71% to 50,346 shares.
• Horizon Bancorp reported quarterly EPS of $0.49, below the $0.51 analyst consensus, while revenue of $75.5 million also missed expectations. The company maintains a quarterly dividend of $0.16 per share, yielding about 3.1% annually.
• HBNC shares recently traded near $20.66, close to their 52-week high, while analysts maintained an overall “Hold” consensus with an average price target of $22.33; institutional investors own 64.51% of the stock.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) EVP Kathie Deruiter sold 8,000 shares of the company's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $20.19, for a total value of $161,520.00. Following the completion of the sale, the executive vice president owned 50,346 shares in the company, valued at approximately $1,016,485.74. This represents a 13.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Horizon Bancorp (IN) Price Performance

HBNC stock traded down $0.05 during midday trading on Wednesday, hitting $20.66. 975,246 shares of the stock were exchanged, compared to its average volume of 463,870. The stock's 50-day moving average price is $19.45 and its 200-day moving average price is $18.11. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of -6.54 and a beta of 0.82. Horizon Bancorp has a fifty-two week low of $14.84 and a fifty-two week high of $21.04. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.90 and a current ratio of 0.91.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.51 by ($0.02). The firm had revenue of $75.50 million for the quarter, compared to analysts' expectations of $76.56 million. Horizon Bancorp (IN) had a positive return on equity of 13.52% and a negative net margin of 36.38%. Research analysts predict that Horizon Bancorp will post 2.08 earnings per share for the current year.

Horizon Bancorp (IN) Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.1%. The ex-dividend date was Thursday, July 2nd. Horizon Bancorp (IN)'s dividend payout ratio (DPR) is -20.25%.

Institutional Investors Weigh In On Horizon Bancorp (IN)

Several hedge funds have recently modified their holdings of the company. Bayview Asset Management LLC raised its position in shares of Horizon Bancorp (IN) by 0.7% in the fourth quarter. Bayview Asset Management LLC now owns 95,462 shares of the financial services provider's stock valued at $1,619,000 after buying an additional 645 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Horizon Bancorp (IN) by 65.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider's stock worth $28,000 after acquiring an additional 660 shares during the period. Rafferty Asset Management LLC grew its stake in 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Horizon Bancorp (IN) by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider's stock valued at $388,000 after acquiring an additional 1,057 shares during the last quarter. Finally, Wedge Capital Management L L P NC raised its holdings in Horizon Bancorp (IN) by 2.4% in the 4th quarter. Wedge Capital Management L L P NC now owns 50,097 shares of the financial services provider's stock valued at $850,000 after acquiring an additional 1,193 shares during the last quarter. 64.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Stephens reiterated an "overweight" rating and issued a $21.00 price target on shares of Horizon Bancorp (IN) in a research report on Wednesday, July 1st. Piper Sandler restated a "neutral" rating and set a $23.00 price objective (up from $21.00) on shares of Horizon Bancorp (IN) in a research report on Friday, July 24th. Weiss Ratings lowered Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, July 21st. Keefe, Bruyette & Woods increased their target price on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Finally, Wall Street Zen raised Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a research report on Tuesday. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $22.33.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp NASDAQ: HBNC is a financial holding company headquartered in Columbus, Indiana, offering community banking and wealth management services through its subsidiary, Horizon Bank. As a locally focused institution, it provides a full range of retail and commercial banking products, including checking and savings accounts, consumer and mortgage lending, commercial real estate financing, and treasury management solutions.

In addition to traditional deposit and loan products, Horizon Bancorp's services encompass investment advisory and trust administration, retirement planning, and insurance products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.