The Manufacturers Life Insurance Company Takes $21.80 Million Position in Horizon Bancorp (IN) $HBNC

The Manufacturers Life Insurance Company acquired a new stake in shares of Horizon Bancorp (IN) (NASDAQ:HBNC) during the second quarter, Holdings Channel reports. The firm acquired 1,090,943 shares of the financial services provider’s stock, valued at approximately $21,797,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Allworth Financial LP bought a new stake in Horizon Bancorp (IN) during the second quarter worth approximately $31,000. EverSource Wealth Advisors LLC boosted its stake in Horizon Bancorp (IN) by 65.6% during 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 in the last quarter. Royal Bank of Canada increased its position in shares of Horizon Bancorp (IN) by 93.5% during the 1st quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,388 shares during the period. Quantbot Technologies LP acquired a new position in shares of Horizon Bancorp (IN) during the 2nd quarter valued at $70,000. Finally, Tower Research Capital LLC TRC increased its position in shares of Horizon Bancorp (IN) by 160.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock valued at $101,000 after purchasing an additional 4,024 shares during the period. Institutional investors own 64.51% of the company’s stock.

Analysts Set New Price Targets

HBNC has been the topic of a number of research reports. Weiss Ratings lowered Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, August 20th. Stephens reaffirmed an “overweight” rating and set a $21.00 target price on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. 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 report on Friday, July 24th. Wall Street Zen upgraded shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research report on Sunday, August 16th. Finally, Keefe, Bruyette & Woods upped their price target 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $22.33.

Insider Activity at Horizon Bancorp (IN)

In other news, EVP Kathie A. Deruiter sold 8,000 shares of the company’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $20.19, for a total transaction of $161,520.00. Following the completion of the sale, the executive vice president directly owned 50,346 shares of the company’s stock, valued at $1,016,485.74. This represents a 13.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.19% of the stock is currently owned by corporate insiders.

Horizon Bancorp (IN) Trading Down 0.4%

Horizon Bancorp (IN) stock opened at $19.53 on Friday. The firm has a market cap of $1.00 billion, a price-to-earnings ratio of -6.18 and a beta of 0.82. Horizon Bancorp has a 1 year low of $14.97 and a 1 year high of $21.04. The firm’s 50 day moving average price is $20.07 and its two-hundred day moving average price is $18.51. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.92 and a current ratio of 0.92.

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

Horizon Bancorp (IN) Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, July 3rd were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. Horizon Bancorp (IN)’s payout ratio is -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.