Wellington Management Group LLP Sells 201,358 Shares of Horizon Bancorp (IN) $HBNC

Wellington Management Group LLP trimmed its position in shares of Horizon Bancorp (IN) (NASDAQ:HBNC) by 28.0% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 517,082 shares of the financial services provider’s stock after selling 201,358 shares during the period. Wellington Management Group LLP’s holdings in Horizon Bancorp (IN) were worth $10,331,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its stake in shares of Horizon Bancorp (IN) by 65.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 660 shares during the period. Allworth Financial LP purchased a new stake in Horizon Bancorp (IN) in the second quarter worth $31,000. Royal Bank of Canada raised its holdings in Horizon Bancorp (IN) by 93.5% in the first quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,388 shares in the last quarter. Quantbot Technologies LP bought a new position in Horizon Bancorp (IN) in the second quarter worth $70,000. Finally, Tower Research Capital LLC TRC raised its holdings in Horizon Bancorp (IN) by 160.2% in the second quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock worth $101,000 after purchasing an additional 4,024 shares in the last quarter. Institutional investors own 64.51% of the company’s stock.

Insider Activity

In other news, EVP Kathie DeRuiter sold 8,000 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $20.19, for a total transaction of $161,520.00. Following the sale, the executive vice president owned 50,346 shares in the company, valued at $1,016,485.74. This represents a 13.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on HBNC shares. Piper Sandler reiterated a “neutral” rating and issued a $23.00 price target (up from $21.00) on shares of Horizon Bancorp (IN) in a research note on Friday, July 24th. Wall Street Zen raised shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research note on Sunday, August 16th. Weiss Ratings upgraded shares of Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, September 3rd. Stephens reaffirmed an “overweight” rating and set a $21.00 target price on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Horizon Bancorp (IN) presently has a consensus rating of “Hold” and an average price target of $22.33.

Horizon Bancorp (IN) Price Performance

HBNC opened at $19.73 on Wednesday. The stock has a 50-day moving average price of $20.04 and a 200-day moving average price of $18.59. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market cap of $1.01 billion, a PE ratio of -6.24 and a beta of 0.81. Horizon Bancorp has a 1 year low of $14.97 and a 1 year high of $21.04.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its quarterly earnings results 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 positive return on equity of 13.31% and a negative net margin of 36.38%.The firm had revenue of $75.50 million during the quarter, compared to the consensus estimate of $76.56 million. Sell-side analysts predict that Horizon Bancorp will post 2.07 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, July 3rd were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Thursday, July 2nd. Horizon Bancorp (IN)’s dividend payout ratio is currently -20.25%.

Horizon Bancorp (IN) 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.