Horizon Bancorp Inc (HBNC) Position Lifted by Northern Trust Corp
Northern Trust Corp lifted its stake in Horizon Bancorp Inc (NASDAQ:HBNC) by 86.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 490,807 shares of the financial services provider’s stock after acquiring an additional 227,469 shares during the period. Northern Trust Corp’s holdings in Horizon Bancorp were worth $10,154,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of HBNC. SG Americas Securities LLC bought a new position in Horizon Bancorp in the 2nd quarter worth approximately $187,000. Russell Investments Group Ltd. increased its position in Horizon Bancorp by 50.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 9,833 shares of the financial services provider’s stock worth $203,000 after buying an additional 3,278 shares during the period. AMI Investment Management Inc. bought a new position in Horizon Bancorp in the 2nd quarter worth approximately $223,000. Metropolitan Life Insurance Co. NY increased its position in Horizon Bancorp by 50.0% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 11,660 shares of the financial services provider’s stock worth $241,000 after buying an additional 3,887 shares during the period. Finally, Chevy Chase Trust Holdings Inc. increased its position in Horizon Bancorp by 50.0% in the 2nd quarter. Chevy Chase Trust Holdings Inc. now owns 11,895 shares of the financial services provider’s stock worth $246,000 after buying an additional 3,965 shares during the period. 52.70% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have commented on the company. Zacks Investment Research downgraded Horizon Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, November 3rd. BidaskClub downgraded Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, July 27th. Stephens reaffirmed a “buy” rating and issued a $24.00 price target on shares of Horizon Bancorp in a research report on Friday, July 27th. Raymond James dropped their price target on Horizon Bancorp from $23.00 to $20.00 and set an “outperform” rating on the stock in a research report on Thursday, November 1st. Finally, ValuEngine downgraded Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, September 12th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. Horizon Bancorp currently has a consensus rating of “Hold” and an average target price of $22.00.
Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings data 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 firm had revenue of $42.46 million for the quarter, compared to the consensus estimate of $43.43 million. Horizon Bancorp had a net margin of 24.49% and a return on equity of 10.36%. As a group, research analysts predict that Horizon Bancorp Inc will post 1.42 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 19th. Stockholders of record on Friday, October 5th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date was Thursday, October 4th. Horizon Bancorp’s dividend payout ratio is presently 39.22%.
In other news, insider Dennis Kuhn sold 5,841 shares of the business’s stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $20.72, for a total transaction of $121,025.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Larry N. Middleton sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $20.69, for a total value of $51,725.00. The disclosure for this sale can be found here. Insiders own 4.60% of the company’s stock.
Horizon Bancorp Company Profile
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.
Further Reading: Understanding each part of a balance sheet
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