Harbour Trust & Investment Management Co Has $6.24 Million Stock Position in Horizon Bancorp, Inc. (NASDAQ:HBNC)

Harbour Trust & Investment Management Co lessened its position in shares of Horizon Bancorp, Inc. (NASDAQ:HBNC) by 11.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 401,430 shares of the financial services provider’s stock after selling 54,478 shares during the quarter. Harbour Trust & Investment Management Co owned about 0.91% of Horizon Bancorp worth $6,242,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in HBNC. CWM LLC lifted its stake in shares of Horizon Bancorp by 1,656.2% in the 2nd quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 3,064 shares during the period. Pathway Financial Advisers LLC acquired a new position in Horizon Bancorp in the first quarter valued at about $80,000. Mackenzie Financial Corp bought a new position in Horizon Bancorp during the second quarter worth about $133,000. Elser Financial Planning Inc acquired a new position in shares of Horizon Bancorp during the 2nd quarter worth about $137,000. Finally, EMC Capital Management increased its stake in shares of Horizon Bancorp by 11.0% in the 1st 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 last quarter. Institutional investors own 64.51% of the company’s stock.

Horizon Bancorp Stock Performance

Shares of HBNC stock opened at $16.02 on Friday. The company’s fifty day simple moving average is $15.41 and its 200-day simple moving average is $13.70. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 2.02. Horizon Bancorp, Inc. has a 12 month low of $9.22 and a 12 month high of $16.64. The firm has a market cap of $706.74 million, a PE ratio of 29.67 and a beta of 1.04.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. Horizon Bancorp had a return on equity of 8.17% and a net margin of 5.50%. The firm had revenue of $97.47 million during the quarter, compared to the consensus estimate of $55.03 million. During the same period last year, the company earned $0.41 earnings per share. Equities research analysts expect that Horizon Bancorp, Inc. will post 1.38 EPS for the current fiscal year.

Horizon Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Friday, October 4th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date was Friday, October 4th. Horizon Bancorp’s dividend payout ratio (DPR) is presently 118.52%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on HBNC. StockNews.com lowered Horizon Bancorp from a “hold” rating to a “sell” rating in a report on Thursday. Piper Sandler raised their price objective on shares of Horizon Bancorp from $13.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods upped their target price on shares of Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Finally, Hovde Group assumed coverage on Horizon Bancorp in a report on Monday, September 30th. They set an “outperform” rating and a $18.00 target price for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $16.00.

Horizon Bancorp Profile

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.