The Manufacturers Life Insurance Company Has $11.47 Million Stock Position in Horizon Bancorp, Inc. (NASDAQ:HBNC)

The Manufacturers Life Insurance Company trimmed its position in shares of Horizon Bancorp, Inc. (NASDAQ:HBNC) by 3.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 926,963 shares of the financial services provider’s stock after selling 33,291 shares during the period. The Manufacturers Life Insurance Company’s holdings in Horizon Bancorp were worth $11,467,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of HBNC. CWM LLC increased 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 last quarter. Pathway Financial Advisers LLC acquired a new stake in Horizon Bancorp in the first quarter valued at about $80,000. Elser Financial Planning Inc bought a new position in Horizon Bancorp in the second quarter valued at about $137,000. EMC Capital Management raised its stake 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 worth $138,000 after acquiring an additional 1,064 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Horizon Bancorp by 16.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,347 shares of the financial services provider’s stock worth $159,000 after acquiring an additional 1,749 shares during the last quarter. 64.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

HBNC has been the topic of several research reports. Piper Sandler lifted their price target on shares of Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, July 29th. StockNews.com upgraded shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Monday, September 23rd. Keefe, Bruyette & Woods increased their price target on Horizon Bancorp from $14.00 to $16.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. Finally, Hovde Group began coverage on Horizon Bancorp in a report on Monday. They issued an “outperform” rating and a $18.00 target price for the company. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Horizon Bancorp has an average rating of “Hold” and a consensus price target of $16.00.

Horizon Bancorp Trading Down 1.0 %

Shares of NASDAQ HBNC opened at $14.69 on Friday. The firm has a 50 day moving average price of $15.32 and a two-hundred day moving average price of $13.42. The stock has a market cap of $648.06 million, a P/E ratio of 27.20 and a beta of 1.04. Horizon Bancorp, Inc. has a 52-week low of $9.22 and a 52-week high of $16.64. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.88 and a current ratio of 0.88.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings data 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. The business had revenue of $97.47 million during the quarter, compared to the consensus estimate of $55.03 million. Horizon Bancorp had a return on equity of 8.17% and a net margin of 5.50%. During the same period in the prior year, the business posted $0.41 earnings per share. As a group, equities analysts forecast that Horizon Bancorp, Inc. will post 1.38 EPS for the current year.

Horizon Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Friday, October 4th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date of this dividend is Friday, October 4th. Horizon Bancorp’s dividend payout ratio is currently 118.52%.

Horizon Bancorp Company 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.