Comerica Bank raised its holdings in shares of Horizon Bancorp Inc (NASDAQ:HBNC) by 14.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 479,434 shares of the financial services provider’s stock after buying an additional 59,999 shares during the period. Comerica Bank owned about 1.25% of Horizon Bancorp worth $8,419,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in HBNC. 1ST Source Bank boosted its holdings in shares of Horizon Bancorp by 12.3% in the third quarter. 1ST Source Bank now owns 90,360 shares of the financial services provider’s stock valued at $1,785,000 after purchasing an additional 9,889 shares during the period. Indiana Trust & Investment Management CO boosted its holdings in shares of Horizon Bancorp by 380.9% in the third quarter. Indiana Trust & Investment Management CO now owns 113,827 shares of the financial services provider’s stock valued at $2,248,000 after purchasing an additional 90,157 shares during the period. CX Institutional boosted its holdings in shares of Horizon Bancorp by 16.1% in the third quarter. CX Institutional now owns 63,306 shares of the financial services provider’s stock valued at $1,250,000 after purchasing an additional 8,768 shares during the period. Northern Trust Corp boosted its holdings in shares of Horizon Bancorp by 86.4% in the second quarter. Northern Trust Corp now owns 490,807 shares of the financial services provider’s stock valued at $10,154,000 after purchasing an additional 227,469 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Horizon Bancorp by 52.5% in the second quarter. Bank of New York Mellon Corp now owns 214,660 shares of the financial services provider’s stock valued at $4,442,000 after purchasing an additional 73,931 shares during the period. Institutional investors and hedge funds own 52.70% of the company’s stock.
HBNC has been the subject of a number of recent research reports. Zacks Investment Research downgraded shares of Horizon Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, November 3rd. Raymond James reduced their price objective on shares of Horizon Bancorp from $23.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday, November 1st. BidaskClub downgraded shares of Horizon Bancorp from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 23rd. ValuEngine downgraded shares of Horizon Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, September 12th. Finally, Stephens reissued a “buy” rating and issued a $24.00 price objective on shares of Horizon Bancorp in a research note on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $22.00.
Shares of NASDAQ:HBNC opened at $17.14 on Friday. The company has a market capitalization of $659.07 million, a P/E ratio of 16.80 and a beta of 1.13. Horizon Bancorp Inc has a 52 week low of $16.36 and a 52 week high of $22.13. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.20.
Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly earnings results on Monday, October 29th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.06). The business had revenue of $42.46 million for the quarter, compared to analyst estimates of $43.43 million. Horizon Bancorp had a return on equity of 10.36% and a net margin of 24.49%. On average, sell-side analysts predict that Horizon Bancorp Inc will post 1.42 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 19th. Investors of record on Friday, October 5th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend was Thursday, October 4th. Horizon Bancorp’s payout ratio is 39.22%.
In related news, Director Larry N. Middleton sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $20.69, for a total value of $51,725.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Dennis Kuhn sold 5,841 shares of the firm’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $20.72, for a total transaction of $121,025.52. The disclosure for this sale can be found here. 4.60% of the stock is owned by corporate insiders.
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About Horizon Bancorp
Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that provides commercial and retail banking services. The company offers non-interest bearing and interest-bearing demand deposits, savings accounts, money market deposits, and time deposits. Its loan portfolio comprises commercial, financial, agricultural, and commercial tax-exempt loans; and real estate, mortgage warehouse, and consumer loans.
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