Quantinno Capital Management LP Boosts Stock Holdings in Horizon Bancorp (IN) $HBNC

Quantinno Capital Management LP boosted its position in shares of Horizon Bancorp (IN) (NASDAQ:HBNC) by 66.9% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 78,339 shares of the financial services provider’s stock after buying an additional 31,402 shares during the period. Quantinno Capital Management LP’s holdings in Horizon Bancorp (IN) were worth $1,298,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Wellington Management Group LLP purchased a new position in shares of Horizon Bancorp (IN) in the third quarter valued at approximately $24,842,000. FJ Capital Management LLC increased its position in shares of Horizon Bancorp (IN) by 309.5% during the fourth quarter. FJ Capital Management LLC now owns 1,083,840 shares of the financial services provider’s stock worth $18,382,000 after purchasing an additional 819,189 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Horizon Bancorp (IN) by 1,202.2% during the third quarter. Alliancebernstein L.P. now owns 593,109 shares of the financial services provider’s stock worth $9,496,000 after purchasing an additional 547,561 shares in the last quarter. Jennison Associates LLC increased its position in shares of Horizon Bancorp (IN) by 69.6% during the fourth quarter. Jennison Associates LLC now owns 1,242,365 shares of the financial services provider’s stock worth $21,071,000 after purchasing an additional 509,775 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake 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 purchasing an additional 424,896 shares during the last quarter. Institutional investors and hedge funds own 64.51% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on HBNC. Weiss Ratings upgraded Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Wall Street Zen lowered shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Piper Sandler reaffirmed a “neutral” rating and set a $23.00 target price (up from $21.00) on shares of Horizon Bancorp (IN) in a report on Friday, July 24th. Keefe, Bruyette & Woods increased their target price on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Finally, Stephens reissued an “overweight” rating and issued a $21.00 price target 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. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $22.33.

Horizon Bancorp (IN) Stock Up 0.2%

NASDAQ HBNC opened at $20.57 on Friday. The business’s fifty day simple moving average is $19.99 and its 200-day simple moving average is $18.39. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.21. The firm has a market cap of $1.06 billion, a PE ratio of -6.51 and a beta of 0.82. Horizon Bancorp has a 52 week low of $14.84 and a 52 week high of $21.04.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02). Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%. The firm had revenue of $75.50 million during the quarter, compared to analysts’ expectations of $76.56 million. As a group, equities analysts anticipate that Horizon Bancorp will post 2.07 earnings per share for the current year.

Horizon Bancorp (IN) Dividend Announcement

The company 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. This represents a $0.64 annualized dividend and a yield of 3.1%. The ex-dividend date was Thursday, July 2nd. Horizon Bancorp (IN)’s payout ratio is presently -20.25%.

Insiders Place Their Bets

In other Horizon Bancorp (IN) news, EVP Kathie A. Deruiter sold 8,000 shares of the business’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $20.19, for a total value of $161,520.00. Following the transaction, the executive vice president directly 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 is available through the SEC website. 1.19% of the stock is owned by insiders.

Horizon Bancorp (IN) Company Profile

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.