Key Points
- Horizon Bancorp EVP Kathie Deruiter sold 8,000 shares for $161,520, reducing her position by 13.71% to 50,346 shares.
- The company’s latest quarterly results fell short of expectations, with EPS of $0.49 versus the $0.51 consensus and revenue of $75.50 million versus $76.56 million expected.
- Analyst sentiment remains mixed, with a consensus “Hold” rating and a $22.33 price target; Horizon also pays a quarterly dividend of $0.16, representing a 3.1% annualized yield.
Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) EVP Kathie Deruiter sold 8,000 shares of the business's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $20.19, for a total value of $161,520.00. Following the transaction, the executive vice president owned 50,346 shares in the company, valued at $1,016,485.74. The trade was a 13.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Horizon Bancorp (IN) Stock Down 0.2%
Horizon Bancorp (IN) stock opened at $20.67 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.90. Horizon Bancorp has a 1-year low of $14.84 and a 1-year high of $21.04. The company has a market cap of $1.06 billion, a PE ratio of -6.54 and a beta of 0.82. The stock's 50 day moving average price is $19.50 and its 200 day moving average price is $18.14.
Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.02). The business had revenue of $75.50 million during the quarter, compared to analysts' expectations of $76.56 million. Horizon Bancorp (IN) had a positive return on equity of 13.52% and a negative net margin of 36.38%. On average, sell-side analysts predict that Horizon Bancorp will post 2.08 EPS for the current fiscal year.
Horizon Bancorp (IN) Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 3.1%. Horizon Bancorp (IN)'s dividend payout ratio (DPR) is -20.25%.
Institutional Investors Weigh In On Horizon Bancorp (IN)
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP purchased a new position in shares of Horizon Bancorp (IN) during the third quarter valued at approximately $24,842,000. FJ Capital Management LLC grew its stake in Horizon Bancorp (IN) by 309.5% in the 4th quarter. FJ Capital Management LLC now owns 1,083,840 shares of the financial services provider's stock worth $18,382,000 after acquiring an additional 819,189 shares during the period. Alliancebernstein L.P. raised its holdings in Horizon Bancorp (IN) by 1,202.2% in the 3rd quarter. Alliancebernstein L.P. now owns 593,109 shares of the financial services provider's stock valued at $9,496,000 after acquiring an additional 547,561 shares during the last quarter. Jennison Associates LLC raised its holdings in Horizon Bancorp (IN) by 69.6% in the 4th quarter. Jennison Associates LLC now owns 1,242,365 shares of the financial services provider's stock valued at $21,071,000 after acquiring an additional 509,775 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its holdings in Horizon Bancorp (IN) by 78.9% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 963,397 shares of the financial services provider's stock valued at $16,339,000 after acquiring an additional 424,896 shares during the last quarter. 64.51% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research firms recently weighed in on HBNC. Weiss Ratings downgraded Horizon Bancorp (IN) from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, July 21st. Piper Sandler restated a "neutral" rating and issued a $23.00 price target (up from $21.00) on shares of Horizon Bancorp (IN) in a research report on Friday, July 24th. Keefe, Bruyette & Woods lifted their price target on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. Wall Street Zen upgraded shares of Horizon Bancorp (IN) from a "hold" rating to a "buy" rating in a research report on Tuesday. Finally, Stephens reissued an "overweight" rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $22.33.
View Our Latest Research Report on HBNC
Horizon Bancorp (IN) Company Profile
(
Get Free Report)
Horizon Bancorp (NASDAQ: HBNC) is a financial holding company headquartered in Columbus, Indiana, offering community banking and wealth management services through its subsidiary, Horizon Bank. As a locally focused institution, it provides a full range of retail and commercial banking products, including checking and savings accounts, consumer and mortgage lending, commercial real estate financing, and treasury management solutions.
In addition to traditional deposit and loan products, Horizon Bancorp's services encompass investment advisory and trust administration, retirement planning, and insurance products.
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