Dimensional Fund Advisors LP lifted its holdings in shares of Horizon Bancorp Inc (NASDAQ:HBNC) by 61.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,459,492 shares of the financial services provider’s stock after buying an additional 557,868 shares during the quarter. Dimensional Fund Advisors LP owned about 3.81% of Horizon Bancorp worth $30,197,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in the stock. BlackRock Inc. increased its holdings in Horizon Bancorp by 66.7% during the 2nd quarter. BlackRock Inc. now owns 2,162,231 shares of the financial services provider’s stock worth $44,735,000 after acquiring an additional 864,841 shares during the period. PL Capital Advisors LLC increased its holdings in Horizon Bancorp by 50.0% during the 2nd quarter. PL Capital Advisors LLC now owns 1,333,712 shares of the financial services provider’s stock worth $27,595,000 after acquiring an additional 444,570 shares during the period. Comerica Bank increased its holdings in Horizon Bancorp by 54.8% during the 2nd quarter. Comerica Bank now owns 419,435 shares of the financial services provider’s stock worth $8,632,000 after acquiring an additional 148,401 shares during the period. LSV Asset Management increased its holdings in Horizon Bancorp by 50.0% during the 2nd quarter. LSV Asset Management now owns 249,574 shares of the financial services provider’s stock worth $5,163,000 after acquiring an additional 83,191 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Horizon Bancorp by 52.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 214,660 shares of the financial services provider’s stock worth $4,442,000 after acquiring an additional 73,931 shares during the period. Institutional investors own 52.67% of the company’s stock.
A number of analysts recently weighed in on HBNC shares. ValuEngine lowered shares of Horizon Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, June 12th. BidaskClub lowered shares of Horizon Bancorp from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 13th. Zacks Investment Research lowered shares of Horizon Bancorp from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. Finally, Stephens reaffirmed a “buy” rating and set a $24.00 target price on shares of Horizon Bancorp in a report on Friday, July 27th. Two analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $22.50.
In other news, insider Dennis Kuhn sold 5,841 shares of the stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $20.72, for a total value of $121,025.52. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Larry N. Middleton sold 2,500 shares of the stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $20.69, for a total transaction of $51,725.00. The disclosure for this sale can be found here. 4.60% of the stock is owned by corporate insiders.
Horizon Bancorp stock opened at $19.13 on Monday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market cap of $757.66 million, a P/E ratio of 18.75 and a beta of 0.90. Horizon Bancorp Inc has a 1-year low of $17.07 and a 1-year high of $22.13.
Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly earnings results on Wednesday, July 25th. The financial services provider reported $0.37 EPS for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.02. The firm had revenue of $42.48 million for the quarter, compared to analyst estimates of $42.33 million. Horizon Bancorp had a net margin of 23.28% and a return on equity of 10.03%. Research analysts expect that Horizon Bancorp Inc will post 1.47 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 19th. Stockholders of record on Friday, October 5th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date is Thursday, October 4th. Horizon Bancorp’s payout ratio is 39.22%.
About Horizon Bancorp
Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that provides commercial and retail banking services. The company offers non-interest bearing and interest-bearing demand deposits, savings accounts, money market deposits, and time deposits. Its loan portfolio comprises commercial, financial, agricultural, and commercial tax-exempt loans; and real estate, mortgage warehouse, and consumer loans.
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