Legato Capital Management LLC Invests $840,000 in Horizon Bancorp (IN) $HBNC

Legato Capital Management LLC purchased a new position in shares of Horizon Bancorp (IN) (NASDAQ:HBNC) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 49,508 shares of the financial services provider’s stock, valued at approximately $840,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. PL Capital Advisors LLC raised its position in shares of Horizon Bancorp (IN) by 13.4% during the 3rd quarter. PL Capital Advisors LLC now owns 1,691,174 shares of the financial services provider’s stock valued at $27,076,000 after acquiring an additional 200,000 shares in the last quarter. Siena Capital Partners GP LLC bought a new position in shares of Horizon Bancorp (IN) in the third quarter worth $2,093,000. Jupiter Asset Management Ltd. bought a new position in shares of Horizon Bancorp (IN) in the third quarter worth $684,000. Hillsdale Investment Management Inc. boosted its stake in Horizon Bancorp (IN) by 22.5% during the third quarter. Hillsdale Investment Management Inc. now owns 412,830 shares of the financial services provider’s stock valued at $6,609,000 after buying an additional 75,750 shares in the last quarter. Finally, Elizabeth Park Capital Advisors Ltd. bought a new position in Horizon Bancorp (IN) during the third quarter valued at about $1,227,000. 64.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on HBNC shares. Weiss Ratings upgraded Horizon Bancorp (IN) from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, April 24th. Wall Street Zen downgraded Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a research note on Saturday. Zacks Research raised Horizon Bancorp (IN) from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Piper Sandler reissued a “neutral” rating and issued a $21.00 price objective (down from $22.00) on shares of Horizon Bancorp (IN) in a research note on Monday, April 27th. Finally, Stephens started coverage on Horizon Bancorp (IN) in a research note on Friday, March 27th. They set an “overweight” rating and a $20.00 price target for the company. 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, Horizon Bancorp (IN) currently has an average rating of “Hold” and an average target price of $20.67.

Horizon Bancorp (IN) Stock Performance

Shares of NASDAQ HBNC opened at $18.34 on Tuesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market cap of $941.39 million, a price-to-earnings ratio of -5.77 and a beta of 0.83. The business’s 50-day simple moving average is $17.38 and its 200-day simple moving average is $17.30. Horizon Bancorp has a 52 week low of $14.34 and a 52 week high of $19.07.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The business had revenue of $73.48 million for the quarter, compared to analyst estimates of $76.11 million. Horizon Bancorp (IN) had a positive return on equity of 12.41% and a negative net margin of 37.28%. As a group, equities research analysts expect that Horizon Bancorp will post 2.1 earnings per share for the current fiscal year.

Horizon Bancorp (IN) Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 17th. Shareholders of record on Friday, April 3rd were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 3.5%. Horizon Bancorp (IN)’s dividend payout ratio (DPR) is -20.13%.

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.