Minerva Advisors LLC Continues to Hold Position in Horizon Bancorp (HBNC)
Minerva Advisors LLC maintained its stake in Horizon Bancorp (NASDAQ:HBNC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,879 shares of the financial services provider’s stock at the end of the second quarter. Minerva Advisors LLC’s holdings in Horizon Bancorp were worth $499,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of HBNC. Metropolitan Life Insurance Co. NY boosted its stake in Horizon Bancorp by 5.8% in the first quarter. Metropolitan Life Insurance Co. NY now owns 8,808 shares of the financial services provider’s stock worth $218,000 after buying an additional 483 shares during the period. Sabal Trust CO boosted its stake in Horizon Bancorp by 1.5% in the second quarter. Sabal Trust CO now owns 10,822 shares of the financial services provider’s stock worth $272,000 after buying an additional 164 shares during the period. Deprince Race & Zollo Inc. bought a new stake in Horizon Bancorp during the second quarter worth approximately $1,302,000. Geode Capital Management LLC boosted its stake in Horizon Bancorp by 1.3% in the first quarter. Geode Capital Management LLC now owns 61,238 shares of the financial services provider’s stock worth $1,513,000 after buying an additional 760 shares during the period. Finally, Foundry Partners LLC boosted its stake in shares of Horizon Bancorp by 0.3% in the second quarter. Foundry Partners LLC now owns 115,920 shares of the financial services provider’s stock worth $2,914,000 after buying an additional 375 shares during the last quarter. 36.09% of the stock is currently owned by institutional investors.
Horizon Bancorp (NASDAQ:HBNC) traded up 1.31% on Monday, hitting $30.06. 7,045 shares of the stock were exchanged. Horizon Bancorp has a 12 month low of $21.92 and a 12 month high of $30.10. The firm has a market cap of $444.17 million, a P/E ratio of 16.44 and a beta of 0.49. The company has a 50-day moving average of $28.53 and a 200 day moving average of $26.07.
Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, July 27th. The financial services provider reported $0.57 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.02. Horizon Bancorp had a net margin of 17.13% and a return on equity of 9.48%. Equities research analysts expect that Horizon Bancorp will post $2.12 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Friday, October 7th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend is Wednesday, October 5th. Horizon Bancorp’s payout ratio is 32.79%.
HBNC has been the topic of a number of analyst reports. Zacks Investment Research raised shares of Horizon Bancorp from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a report on Tuesday, September 20th. Keefe, Bruyette & Woods boosted their target price on shares of Horizon Bancorp from $29.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, July 28th. Finally, Piper Jaffray Cos. initiated coverage on shares of Horizon Bancorp in a report on Thursday. They set an “overweight” rating and a $33.50 target price on the stock. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Horizon Bancorp currently has a consensus rating of “Buy” and an average target price of $31.13.
In other news, insider Thomas H. Edwards sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $27.65, for a total transaction of $276,500.00. Following the sale, the insider now owns 10,097 shares in the company, valued at $279,182.05. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 7.70% of the company’s stock.
About Horizon Bancorp
Horizon Bancorp is a bank holding company. The Company provides a range of banking services in Northwestern and Central Indiana and Southwestern Michigan through its bank subsidiary, Horizon Bank, N.A. (the Bank), and other affiliated entities and Horizon Risk Management, Inc The Bank is a full-service commercial bank offering commercial and retail banking services, corporate and individual trust and agency services and other services incident to banking.
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