Russell Investments Group Ltd. Grows Stock Holdings in Horizon Bancorp (IN) $HBNC

Russell Investments Group Ltd. increased its stake in shares of Horizon Bancorp (IN) (NASDAQ:HBNC) by 8.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 160,480 shares of the financial services provider’s stock after purchasing an additional 11,868 shares during the period. Russell Investments Group Ltd. owned approximately 0.36% of Horizon Bancorp (IN) worth $2,420,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Horizon Bancorp (IN) by 3.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,665 shares of the financial services provider’s stock valued at $397,000 after buying an additional 792 shares during the period. Meritage Portfolio Management grew its position in Horizon Bancorp (IN) by 5.5% during the first quarter. Meritage Portfolio Management now owns 23,491 shares of the financial services provider’s stock valued at $354,000 after buying an additional 1,231 shares during the period. Quarry LP grew its position in Horizon Bancorp (IN) by 64.4% during the fourth quarter. Quarry LP now owns 3,450 shares of the financial services provider’s stock valued at $56,000 after buying an additional 1,352 shares during the period. Occudo Quantitative Strategies LP grew its position in Horizon Bancorp (IN) by 9.4% during the fourth quarter. Occudo Quantitative Strategies LP now owns 20,525 shares of the financial services provider’s stock valued at $331,000 after buying an additional 1,759 shares during the period. Finally, Rhino Investment Partners Inc grew its position in Horizon Bancorp (IN) by 0.4% during the fourth quarter. Rhino Investment Partners Inc now owns 530,363 shares of the financial services provider’s stock valued at $8,544,000 after buying an additional 2,104 shares during the period. 64.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Wall Street Zen lowered shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research report on Saturday, July 26th. Piper Sandler boosted their target price on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, July 28th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the stock a “market perform” rating in a research report on Friday, July 25th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Horizon Bancorp (IN) presently has a consensus rating of “Hold” and an average price target of $18.00.

Horizon Bancorp (IN) Price Performance

Shares of NASDAQ:HBNC opened at $15.66 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a fifty day moving average price of $15.61 and a 200 day moving average price of $15.35. Horizon Bancorp has a fifty-two week low of $12.70 and a fifty-two week high of $19.18. The firm has a market cap of $690.61 million, a price-to-earnings ratio of 13.38 and a beta of 0.87.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its earnings results on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. Horizon Bancorp (IN) had a net margin of 13.84% and a return on equity of 10.21%. The firm had revenue of $66.27 million during the quarter, compared to analyst estimates of $66.45 million. As a group, sell-side analysts expect that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $0.64 dividend on an annualized basis and a yield of 4.1%. Horizon Bancorp (IN)’s dividend payout ratio is presently 54.70%.

About Horizon Bancorp (IN)

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.