Connor Clark & Lunn Investment Management Ltd. Has $2.06 Million Stake in Horizon Bancorp (IN) $HBNC

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Horizon Bancorp (IN) (NASDAQ:HBNC) by 95.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 133,665 shares of the financial services provider’s stock after purchasing an additional 65,375 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.30% of Horizon Bancorp (IN) worth $2,056,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Victory Capital Management Inc. acquired a new stake in shares of Horizon Bancorp (IN) in the 1st quarter worth about $995,000. Bailard Inc. purchased a new stake in Horizon Bancorp (IN) during the first quarter valued at about $348,000. Y Intercept Hong Kong Ltd purchased a new position in Horizon Bancorp (IN) in the 1st quarter valued at approximately $198,000. Federated Hermes Inc. raised its stake in shares of Horizon Bancorp (IN) by 4.8% during the 1st quarter. Federated Hermes Inc. now owns 61,526 shares of the financial services provider’s stock valued at $928,000 after purchasing an additional 2,794 shares during the period. Finally, LSV Asset Management increased its position in shares of Horizon Bancorp (IN) by 15.9% during the first quarter. LSV Asset Management now owns 711,873 shares of the financial services provider’s stock valued at $10,735,000 after buying an additional 97,818 shares during the period. Institutional investors and hedge funds own 64.51% of the company’s stock.

Wall Street Analysts Forecast Growth

HBNC has been the topic of several research analyst reports. Weiss Ratings cut shares of Horizon Bancorp (IN) from a “hold (c)” rating to a “sell (d)” rating in a report on Tuesday, November 11th. Keefe, Bruyette & Woods upgraded Horizon Bancorp (IN) from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $18.00 to $19.00 in a research note on Tuesday, August 26th. Stephens lifted their price target on Horizon Bancorp (IN) from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Tuesday, September 2nd. Zacks Research raised Horizon Bancorp (IN) from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 28th. Finally, Piper Sandler raised 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 note on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Horizon Bancorp (IN) presently has an average rating of “Moderate Buy” and an average price target of $19.67.

Horizon Bancorp (IN) Price Performance

Shares of HBNC stock opened at $16.14 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.76 and a current ratio of 0.76. 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 $826.64 million, a P/E ratio of -4.11 and a beta of 0.90. The business’s 50 day moving average price is $16.01 and its 200-day moving average price is $15.70.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its earnings results on Wednesday, October 22nd. The financial services provider reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.16). The business had revenue of $59.98 million for the quarter, compared to the consensus estimate of $69.34 million. Horizon Bancorp (IN) had a negative net margin of 51.01% and a positive return on equity of 9.64%. On average, equities research analysts anticipate that Horizon Bancorp will post 1.78 earnings per share for the current year.

Horizon Bancorp (IN) Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 17th. Stockholders of record on Friday, October 3rd were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, October 3rd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.0%. Horizon Bancorp (IN)’s payout ratio is presently -16.28%.

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.