Insider Selling: Horizon Bancorp (IN) (NASDAQ:HBNC) EVP Sells $161,520.00 in Stock

Horizon Bancorp (IN) (NASDAQ:HBNC) EVP Kathie Deruiter sold 8,000 shares of the firm’s stock in a transaction dated Monday, July 27th. The stock was 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 of the company’s stock, valued at approximately $1,016,485.74. This represents a 13.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Horizon Bancorp (IN) Stock Performance

Shares of HBNC stock opened at $20.45 on Friday. Horizon Bancorp has a 52 week low of $14.84 and a 52 week high of $21.04. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of -6.47 and a beta of 0.82. The company has a 50-day simple moving average of $19.59 and a 200 day simple moving average of $18.18. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.90 and a current ratio of 0.91.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.02). The company had revenue of $75.50 million during the quarter, compared to the consensus estimate of $76.56 million. Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.52%. On average, sell-side analysts predict 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. Stockholders of record on Friday, July 3rd were given a $0.16 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.64 annualized dividend and a dividend yield of 3.1%. Horizon Bancorp (IN)’s dividend payout ratio is presently -20.25%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased its holdings in shares of Horizon Bancorp (IN) by 65.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 660 shares during the period. Royal Bank of Canada boosted its stake in shares of 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 valued at $48,000 after buying an additional 1,388 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of 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 valued at $101,000 after buying an additional 4,024 shares during the period. Rossby Financial LCC acquired a new stake in Horizon Bancorp (IN) during the fourth quarter worth approximately $124,000. Finally, Raymond James Financial Inc. acquired a new stake in Horizon Bancorp (IN) during the second quarter worth approximately $134,000. Institutional investors and hedge funds own 64.51% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on HBNC. Piper Sandler reiterated a “neutral” rating and set a $23.00 target price (up from $21.00) on shares of Horizon Bancorp (IN) in a research note on Friday, July 24th. Wall Street Zen upgraded Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research note on Tuesday. Stephens reaffirmed an “overweight” rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Weiss Ratings cut Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, July 21st. Finally, Keefe, Bruyette & Woods lifted their target price on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock 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 assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $22.33.

About Horizon Bancorp (IN)

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.