Cornercap Investment Counsel Inc. Sells 20,824 Shares of Horizon Bancorp, Inc. (NASDAQ:HBNC)

Cornercap Investment Counsel Inc. decreased its holdings in shares of Horizon Bancorp, Inc. (NASDAQ:HBNC) by 51.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,829 shares of the financial services provider’s stock after selling 20,824 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Horizon Bancorp were worth $308,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of HBNC. BNP Paribas Financial Markets grew its stake in shares of Horizon Bancorp by 23.4% in the 1st quarter. BNP Paribas Financial Markets now owns 28,977 shares of the financial services provider’s stock worth $372,000 after buying an additional 5,496 shares during the last quarter. Axxcess Wealth Management LLC raised its holdings in Horizon Bancorp by 46.7% in the 1st quarter. Axxcess Wealth Management LLC now owns 15,523 shares of the financial services provider’s stock worth $199,000 after purchasing an additional 4,943 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Horizon Bancorp by 16.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,347 shares of the financial services provider’s stock worth $159,000 after purchasing an additional 1,749 shares during the period. Black Maple Capital Management LP raised its holdings in Horizon Bancorp by 10.7% during the first quarter. Black Maple Capital Management LP now owns 41,372 shares of the financial services provider’s stock valued at $531,000 after acquiring an additional 4,000 shares during the period. Finally, EMC Capital Management raised its holdings in Horizon Bancorp by 11.0% during the first quarter. EMC Capital Management now owns 10,773 shares of the financial services provider’s stock valued at $138,000 after acquiring an additional 1,064 shares during the period. Institutional investors own 64.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. StockNews.com raised Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Hovde Group started coverage on Horizon Bancorp in a report on Monday, September 30th. They set an “outperform” rating and a $18.00 price target on the stock. Piper Sandler raised their price objective on Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods raised their price objective on Horizon Bancorp from $14.00 to $16.00 and gave the company a “market perform” rating in a research report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $16.00.

Horizon Bancorp Trading Down 1.1 %

Shares of Horizon Bancorp stock opened at $18.27 on Monday. The firm has a market cap of $798.76 million, a price-to-earnings ratio of 38.87 and a beta of 1.03. The business has a 50-day moving average price of $15.97 and a 200-day moving average price of $14.35. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.83. Horizon Bancorp, Inc. has a twelve month low of $10.65 and a twelve month high of $18.85.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.37 by $0.04. The company had revenue of $102.40 million during the quarter, compared to analyst estimates of $58.23 million. Horizon Bancorp had a return on equity of 8.27% and a net margin of 5.89%. During the same quarter last year, the business posted $0.37 earnings per share. Equities research analysts anticipate that Horizon Bancorp, Inc. will post 1.4 EPS for the current fiscal year.

Horizon Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Friday, October 4th were given a $0.16 dividend. The ex-dividend date of this dividend was Friday, October 4th. This represents a $0.64 annualized dividend and a yield of 3.50%. Horizon Bancorp’s dividend payout ratio is currently 136.17%.

About Horizon Bancorp

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that engages in the provision of commercial and retail banking services. The company offers checking, saving, money market, certificate of deposits, individual retirement accounts, and time deposits, as well as non-interest- and interest-bearing demand deposits.