FJ Capital Management LLC Grows Position in Horizon Bancorp (IN) $HBNC

FJ Capital Management LLC increased its position in shares of Horizon Bancorp (IN) (NASDAQ:HBNC) by 309.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,083,840 shares of the financial services provider’s stock after buying an additional 819,189 shares during the quarter. Horizon Bancorp (IN) accounts for about 2.1% of FJ Capital Management LLC’s holdings, making the stock its 14th biggest position. FJ Capital Management LLC’s holdings in Horizon Bancorp (IN) were worth $18,382,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Horizon Bancorp (IN) by 5.9% in the 4th quarter. Vanguard Group Inc. now owns 3,189,417 shares of the financial services provider’s stock valued at $54,093,000 after purchasing an additional 176,448 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Horizon Bancorp (IN) by 3.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,568,101 shares of the financial services provider’s stock valued at $41,116,000 after purchasing an additional 75,462 shares during the last quarter. PL Capital Advisors LLC grew its stake in shares of Horizon Bancorp (IN) by 7.2% in the 4th quarter. PL Capital Advisors LLC now owns 1,812,825 shares of the financial services provider’s stock valued at $30,746,000 after purchasing an additional 121,651 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Horizon Bancorp (IN) in the 3rd quarter valued at approximately $24,842,000. Finally, State Street Corp grew its stake in shares of Horizon Bancorp (IN) by 19.9% in the 4th quarter. State Street Corp now owns 1,480,580 shares of the financial services provider’s stock valued at $25,111,000 after purchasing an additional 245,416 shares during the last quarter. Hedge funds and other institutional investors own 64.51% of the company’s stock.

Horizon Bancorp (IN) Stock Up 1.2%

HBNC opened at $19.75 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.90. The business has a 50 day simple moving average of $18.13 and a 200-day simple moving average of $17.57. The stock has a market capitalization of $1.01 billion, a P/E ratio of -6.21 and a beta of 0.83. Horizon Bancorp has a 12 month low of $14.34 and a 12 month high of $19.75.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.48 by $0.03. The business had revenue of $73.48 million during the quarter, compared to analysts’ expectations of $76.11 million. Horizon Bancorp (IN) had a positive return on equity of 12.41% and a negative net margin of 37.28%. On average, equities analysts anticipate that Horizon Bancorp will post 2.1 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Friday, April 3rd were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Thursday, April 2nd. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is currently -20.13%.

Analysts Set New Price Targets

HBNC has been the topic of several analyst reports. Weiss Ratings upgraded Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, April 24th. Piper Sandler reiterated a “neutral” rating and issued a $21.00 target price (down from $22.00) on shares of Horizon Bancorp (IN) in a research note on Monday, April 27th. Wall Street Zen downgraded Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research note on Saturday, May 23rd. Zacks Research upgraded Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Finally, Stephens initiated coverage on Horizon Bancorp (IN) in a research note on Friday, March 27th. They issued an “overweight” rating and a $20.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $20.67.

Horizon Bancorp (IN) 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.