Man Group plc Acquires Shares of 68,753 Horizon Bancorp (IN) $HBNC

Man Group plc acquired a new position in shares of Horizon Bancorp (IN) (NASDAQ:HBNC) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 68,753 shares of the financial services provider’s stock, valued at approximately $1,374,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Stieven Capital Advisors L.P. grew its stake in shares of Horizon Bancorp (IN) by 18.4% in the fourth quarter. Stieven Capital Advisors L.P. now owns 444,000 shares of the financial services provider’s stock valued at $7,530,000 after acquiring an additional 69,000 shares in the last quarter. Oxford Financial Group LTD. LLC acquired a new stake in Horizon Bancorp (IN) in the 2nd quarter worth about $1,655,000. Hsbc Holdings PLC raised its stake in Horizon Bancorp (IN) by 274.5% in the 1st quarter. Hsbc Holdings PLC now owns 80,277 shares of the financial services provider’s stock worth $1,327,000 after purchasing an additional 58,840 shares in the last quarter. Sei Investments Co. boosted its holdings in Horizon Bancorp (IN) by 175.2% in the 1st quarter. Sei Investments Co. now owns 90,926 shares of the financial services provider’s stock valued at $1,507,000 after purchasing an additional 57,892 shares during the period. Finally, Bank of America Corp DE boosted its holdings in Horizon Bancorp (IN) by 83.8% in the 1st quarter. Bank of America Corp DE now owns 141,340 shares of the financial services provider’s stock valued at $2,342,000 after purchasing an additional 64,437 shares during the period. Institutional investors and hedge funds own 64.51% of the company’s stock.

Horizon Bancorp (IN) Trading Up 2.1%

HBNC opened at $19.65 on Thursday. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of -6.22 and a beta of 0.81. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.21. Horizon Bancorp has a twelve month low of $14.97 and a twelve month high of $21.04. The company has a 50-day simple moving average of $20.06 and a 200 day simple moving average of $18.55.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.02). The firm had revenue of $75.50 million during the quarter, compared to the consensus estimate of $76.56 million. Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%. Analysts predict that Horizon Bancorp will post 2.07 EPS for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.3%. The ex-dividend date was Thursday, July 2nd. Horizon Bancorp (IN)’s payout ratio is currently -20.25%.

Insider Buying and Selling

In other Horizon Bancorp (IN) news, EVP Kathie A. Deruiter sold 8,000 shares of the company’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $20.19, for a total transaction of $161,520.00. Following the completion of the sale, the executive vice president directly owned 50,346 shares in the company, valued at $1,016,485.74. This represents a 13.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.19% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently commented on HBNC. Wall Street Zen raised shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a report on Sunday, August 16th. Keefe, Bruyette & Woods boosted their price target on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Piper Sandler reissued a “neutral” rating and set a $23.00 price target (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 Thursday, August 20th. Finally, Stephens reaffirmed an “overweight” rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Horizon Bancorp (IN) has an average rating of “Hold” and an average price target of $22.33.

About Horizon Bancorp (IN)

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.