Horizon Bancorp (IN) $HBNC Position Decreased by Rhumbline Advisers

Rhumbline Advisers decreased its holdings in shares of Horizon Bancorp (IN) (NASDAQ:HBNC) by 5.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 66,308 shares of the financial services provider’s stock after selling 3,592 shares during the period. Rhumbline Advisers owned approximately 0.15% of Horizon Bancorp (IN) worth $1,000,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of HBNC. Point72 Asset Management L.P. purchased a new stake in Horizon Bancorp (IN) during the fourth quarter valued at about $82,000. CX Institutional purchased a new stake in Horizon Bancorp (IN) during the first quarter valued at about $153,000. ProShare Advisors LLC purchased a new stake in Horizon Bancorp (IN) during the fourth quarter valued at about $197,000. Quantbot Technologies LP lifted its stake in Horizon Bancorp (IN) by 49.0% during the first quarter. Quantbot Technologies LP now owns 13,046 shares of the financial services provider’s stock valued at $197,000 after buying an additional 4,293 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Horizon Bancorp (IN) during the first quarter valued at about $198,000. 64.51% of the stock is owned by hedge funds and other institutional investors.

Horizon Bancorp (IN) Price Performance

Shares of HBNC opened at $16.50 on Friday. 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 stock has a 50 day simple moving average of $16.01 and a 200 day simple moving average of $15.31. Horizon Bancorp has a 52-week low of $12.70 and a 52-week high of $19.18. The firm has a market capitalization of $727.62 million, a PE ratio of 14.10 and a beta of 0.86.

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

Horizon Bancorp (IN) Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, October 3rd will be given a $0.16 dividend. The ex-dividend date is Friday, October 3rd. This represents a $0.64 annualized dividend and a dividend yield of 3.9%. Horizon Bancorp (IN)’s payout ratio is currently 54.70%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Keefe, Bruyette & Woods raised shares of Horizon Bancorp (IN) from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $18.00 to $19.00 in a research note on Tuesday, August 26th. Piper Sandler increased their price target on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, July 28th. 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. Finally, Stephens increased their price target on shares of Horizon Bancorp (IN) from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 2nd. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $19.25.

Horizon Bancorp (IN) Company 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.