Wellington Management Group LLP Cuts Stake in Horizon Bancorp (IN) $HBNC

Wellington Management Group LLP lowered its holdings in shares of Horizon Bancorp (IN) (NASDAQ:HBNC) by 28.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. 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 owned about 1.01% of Horizon Bancorp (IN) worth $10,331,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Horizon Bancorp (IN) by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock valued at $388,000 after buying an additional 1,057 shares during the period. Empowered Funds LLC grew its stake in shares of Horizon Bancorp (IN) by 28.5% during the first quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider’s stock valued at $2,269,000 after buying an additional 33,355 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Horizon Bancorp (IN) in the first quarter worth about $1,231,000. Rhumbline Advisers increased its holdings in shares of Horizon Bancorp (IN) by 3.2% in the second quarter. Rhumbline Advisers now owns 68,401 shares of the financial services provider’s stock worth $1,052,000 after buying an additional 2,093 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of Horizon Bancorp (IN) in the 2nd quarter valued at about $816,000. Hedge funds and other institutional investors own 64.51% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Stephens restated 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 reaffirmed 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. Weiss Ratings upgraded Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, September 3rd. Wall Street Zen raised Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research note on Sunday, August 16th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Horizon Bancorp (IN) currently has an average rating of “Hold” and an average target price of $22.33.

Insider Activity

In related news, EVP Kathie DeRuiter sold 8,000 shares of the company’s stock in a transaction that occurred 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 transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.19% of the company’s stock.

Horizon Bancorp (IN) Stock Performance

Shares of NASDAQ:HBNC opened at $19.73 on Wednesday. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -6.24 and a beta of 0.81. The company has a 50-day moving average price of $20.04 and a 200-day moving average price of $18.59. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.21. Horizon Bancorp has a 12 month low of $14.97 and a 12 month high of $21.04.

Horizon Bancorp (IN) (NASDAQ:HBNC) last posted its earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $75.50 million during the quarter, compared to the consensus estimate of $76.56 million. As a group, equities analysts anticipate that Horizon Bancorp will post 2.07 EPS for the current year.

Horizon Bancorp (IN) Dividend Announcement

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

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.