1ST Source Bank lowered its stake in Horizon Bancorp (NASDAQ:HBNC) by 12.7% during the second quarter, Holdings Channel reports. The fund owned 189,199 shares of the financial services provider’s stock after selling 27,405 shares during the period. 1ST Source Bank’s holdings in Horizon Bancorp were worth $4,757,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in HBNC. Wellington Management Group LLP boosted its position in Horizon Bancorp by 215.2% in the first quarter. Wellington Management Group LLP now owns 410,474 shares of the financial services provider’s stock valued at $10,146,000 after buying an additional 280,256 shares in the last quarter. Sabal Trust CO boosted its position in Horizon Bancorp by 1.5% in the second quarter. Sabal Trust CO now owns 10,822 shares of the financial services provider’s stock valued at $272,000 after buying an additional 164 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its position in Horizon Bancorp by 5.8% in the first quarter. Metropolitan Life Insurance Co. NY now owns 8,808 shares of the financial services provider’s stock valued at $218,000 after buying an additional 483 shares in the last quarter. Deprince Race & Zollo Inc. acquired a new position in Horizon Bancorp during the second quarter valued at about $1,302,000. Finally, Geode Capital Management LLC boosted its position in Horizon Bancorp by 1.3% in the first quarter. Geode Capital Management LLC now owns 61,238 shares of the financial services provider’s stock valued at $1,513,000 after buying an additional 760 shares in the last quarter. 36.09% of the stock is owned by hedge funds and other institutional investors.
Horizon Bancorp (NASDAQ:HBNC) traded up 0.6960% during mid-day trading on Friday, reaching $29.4435. The company’s stock had a trading volume of 7,881 shares. The stock’s 50-day moving average is $28.77 and its 200-day moving average is $26.20. Horizon Bancorp has a 12 month low of $21.92 and a 12 month high of $30.40. The firm has a market capitalization of $435.06 million, a PE ratio of 16.0981 and a beta of 0.49.
Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings data on Wednesday, July 27th. The financial services provider reported $0.57 EPS for the quarter, beating the consensus estimate of $0.55 by $0.02. Horizon Bancorp had a return on equity of 9.48% and a net margin of 17.13%. On average, equities analysts anticipate that Horizon Bancorp will post $2.12 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Shareholders of record on Friday, October 7th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.05%. The ex-dividend date is Wednesday, October 5th. Horizon Bancorp’s dividend payout ratio (DPR) is presently 32.79%.
Several analysts have recently weighed in on HBNC shares. Piper Jaffray Cos. started coverage on Horizon Bancorp in a report on Thursday, October 6th. They issued an “overweight” rating and a $33.50 target price for the company. Zacks Investment Research downgraded Horizon Bancorp from a “buy” rating to a “hold” rating in a report on Monday, October 3rd. Finally, Keefe, Bruyette & Woods boosted their target price on Horizon Bancorp from $29.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, July 28th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $31.13.
In other Horizon Bancorp news, insider Thomas H. Edwards sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $27.65, for a total value of $276,500.00. Following the transaction, the insider now directly owns 10,097 shares of the company’s stock, valued at $279,182.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 7.70% of the stock is owned by company insiders.
Horizon Bancorp Company Profile
Horizon Bancorp is a bank holding company. The Company provides a range of banking services in Northwestern and Central Indiana and Southwestern Michigan through its bank subsidiary, Horizon Bank, N.A. (the Bank), and other affiliated entities and Horizon Risk Management, Inc The Bank is a full-service commercial bank offering commercial and retail banking services, corporate and individual trust and agency services and other services incident to banking.
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