Northern Trust Corp Decreases Stake in Horizon Bancorp, Inc. (NASDAQ:HBNC)

Northern Trust Corp reduced its stake in Horizon Bancorp, Inc. (NASDAQ:HBNC) by 2.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 493,300 shares of the financial services provider’s stock after selling 9,844 shares during the quarter. Northern Trust Corp owned about 1.13% of Horizon Bancorp worth $7,947,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of HBNC. Jones Financial Companies Lllp raised its position in shares of Horizon Bancorp by 362.6% in the 4th quarter. Jones Financial Companies Lllp now owns 1,573 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 1,233 shares during the last quarter. R Squared Ltd purchased a new position in shares of Horizon Bancorp in the 4th quarter valued at approximately $39,000. Aquatic Capital Management LLC purchased a new position in shares of Horizon Bancorp in the 4th quarter valued at approximately $51,000. Quarry LP raised its position in shares of Horizon Bancorp by 64.4% in the 4th quarter. Quarry LP now owns 3,450 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 1,352 shares during the last quarter. Finally, POM Investment Strategies LLC purchased a new position in shares of Horizon Bancorp in the 4th quarter valued at approximately $92,000. 64.51% of the stock is owned by hedge funds and other institutional investors.

Horizon Bancorp Stock Performance

HBNC opened at $15.80 on Monday. Horizon Bancorp, Inc. has a 12-month low of $11.46 and a 12-month high of $19.18. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.83. The firm has a market capitalization of $695.44 million, a PE ratio of 19.75 and a beta of 0.82. The firm has a 50 day moving average of $14.67 and a two-hundred day moving average of $16.16.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.14. Horizon Bancorp had a net margin of 9.86% and a return on equity of 8.48%. The company had revenue of $69.17 million during the quarter, compared to analyst estimates of $64.52 million. On average, analysts anticipate that Horizon Bancorp, Inc. will post 1.78 EPS for the current year.

Horizon Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 18th. Shareholders of record on Friday, April 4th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend was Friday, April 4th. Horizon Bancorp’s dividend payout ratio is presently 62.75%.

Wall Street Analyst Weigh In

HBNC has been the subject of several research analyst reports. Keefe, Bruyette & Woods decreased their price objective on shares of Horizon Bancorp from $18.00 to $17.00 and set a “market perform” rating for the company in a research report on Friday, April 25th. Piper Sandler reduced their price target on shares of Horizon Bancorp from $18.00 to $17.00 and set a “neutral” rating for the company in a research report on Monday, April 28th.

Horizon Bancorp 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.