LSV Asset Management Increases Position in Horizon Bancorp (IN) (NASDAQ:HBNC)

LSV Asset Management lifted its position in Horizon Bancorp (IN) (NASDAQ:HBNC) by 15.9% in the first quarter, HoldingsChannel.com reports. The firm owned 711,873 shares of the financial services provider’s stock after purchasing an additional 97,818 shares during the quarter. LSV Asset Management’s holdings in Horizon Bancorp (IN) were worth $10,735,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. purchased a new stake in shares of Horizon Bancorp (IN) in the first quarter worth $995,000. Renaissance Technologies LLC increased its stake in shares of Horizon Bancorp (IN) by 58.2% in the fourth quarter. Renaissance Technologies LLC now owns 89,716 shares of the financial services provider’s stock worth $1,445,000 after purchasing an additional 33,000 shares in the last quarter. Millennium Management LLC increased its stake in shares of Horizon Bancorp (IN) by 39.2% in the fourth quarter. Millennium Management LLC now owns 70,420 shares of the financial services provider’s stock worth $1,134,000 after purchasing an additional 19,828 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Horizon Bancorp (IN) by 18.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,723 shares of the financial services provider’s stock worth $270,000 after purchasing an additional 2,638 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Horizon Bancorp (IN) by 13.3% in the fourth quarter. Bank of America Corp DE now owns 113,716 shares of the financial services provider’s stock worth $1,832,000 after purchasing an additional 13,377 shares in the last quarter. 64.51% of the stock is owned by hedge funds and other institutional investors.

Horizon Bancorp (IN) Stock Performance

HBNC opened at $15.20 on Tuesday. The stock has a market capitalization of $669.03 million, a price-to-earnings ratio of 12.99 and a beta of 0.87. The company has a fifty day moving average of $15.37 and a 200 day moving average of $15.46. Horizon Bancorp has a fifty-two week low of $12.70 and a fifty-two week high of $19.18. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.76 and a current ratio of 0.76.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03. Horizon Bancorp (IN) had a net margin of 13.84% and a return on equity of 10.30%. The business had revenue of $66.27 million during the quarter, compared to analyst estimates of $66.45 million. As a group, sell-side analysts forecast that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were given a dividend of $0.16 per share. The ex-dividend date was Thursday, July 3rd. This represents a $0.64 annualized dividend and a yield of 4.2%. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is 54.70%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on HBNC shares. Wall Street Zen cut shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Keefe, Bruyette & Woods raised their target price on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the company a “market perform” rating in a research note on Friday, July 25th. 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.

Horizon Bancorp (IN) Profile

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.