PL Capital Advisors LLC Sells 150,000 Shares of Horizon Bancorp, Inc. (NASDAQ:HBNC)

PL Capital Advisors LLC cut its stake in Horizon Bancorp, Inc. (NASDAQ:HBNC) by 9.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,473,174 shares of the financial services provider’s stock after selling 150,000 shares during the period. Horizon Bancorp comprises approximately 7.7% of PL Capital Advisors LLC’s holdings, making the stock its 6th largest holding. PL Capital Advisors LLC owned approximately 3.34% of Horizon Bancorp worth $22,908,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Creative Planning lifted its holdings in Horizon Bancorp by 8.1% during the 3rd quarter. Creative Planning now owns 55,679 shares of the financial services provider’s stock valued at $866,000 after purchasing an additional 4,155 shares during the last quarter. Inspire Investing LLC acquired a new stake in shares of Horizon Bancorp during the third quarter worth approximately $414,000. CWM LLC raised its stake in shares of Horizon Bancorp by 114.2% in the third quarter. CWM LLC now owns 6,958 shares of the financial services provider’s stock valued at $108,000 after acquiring an additional 3,709 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Horizon Bancorp by 34.6% in the 3rd quarter. SG Americas Securities LLC now owns 21,556 shares of the financial services provider’s stock worth $335,000 after acquiring an additional 5,544 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of Horizon Bancorp in the 2nd quarter worth approximately $150,000. Institutional investors own 64.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on HBNC shares. Hovde Group started coverage on Horizon Bancorp in a research report on Monday, September 30th. They issued an “outperform” rating and a $18.00 price objective for the company. Piper Sandler raised their target price on Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods upped their price target on shares of Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. Finally, StockNews.com raised shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Friday. 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.com, Horizon Bancorp currently has an average rating of “Hold” and an average price target of $16.00.

Horizon Bancorp Stock Up 0.6 %

NASDAQ HBNC opened at $16.11 on Friday. The stock has a market capitalization of $704.17 million, a P/E ratio of 34.28 and a beta of 1.03. Horizon Bancorp, Inc. has a 52 week low of $9.51 and a 52 week high of $16.72. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a fifty day moving average of $15.57 and a 200-day moving average of $13.93.

Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. The firm 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 8.36% and a net margin of 5.89%. During the same period last year, the company earned $0.37 earnings per share. On average, equities research analysts forecast that Horizon Bancorp, Inc. will post 1.41 EPS for the current year.

Horizon Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Friday, October 4th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend was Friday, October 4th. Horizon Bancorp’s dividend payout ratio (DPR) is 136.17%.

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.