Quest Partners LLC Raises Stock Holdings in Horizon Bancorp, Inc. (NASDAQ:HBNC)

Quest Partners LLC increased its holdings in shares of Horizon Bancorp, Inc. (NASDAQ:HBNC) by 344.7% in the second quarter, Holdings Channel.com reports. The fund owned 28,110 shares of the financial services provider’s stock after buying an additional 21,789 shares during the quarter. Quest Partners LLC’s holdings in Horizon Bancorp were worth $348,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of HBNC. Dimensional Fund Advisors LP boosted its stake in shares of Horizon Bancorp by 5.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,955,694 shares of the financial services provider’s stock valued at $27,987,000 after purchasing an additional 94,332 shares during the period. PL Capital Advisors LLC lifted its holdings in Horizon Bancorp by 6.8% during the 1st quarter. PL Capital Advisors LLC now owns 1,623,174 shares of the financial services provider’s stock valued at $20,825,000 after buying an additional 103,084 shares in the last quarter. LSV Asset Management boosted its position in Horizon Bancorp by 6.7% in the 1st quarter. LSV Asset Management now owns 557,373 shares of the financial services provider’s stock valued at $7,151,000 after buying an additional 34,958 shares during the period. Bank of New York Mellon Corp grew its stake in Horizon Bancorp by 3.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 341,317 shares of the financial services provider’s stock worth $4,222,000 after acquiring an additional 12,357 shares in the last quarter. Finally, Foundry Partners LLC increased its position in shares of Horizon Bancorp by 67.6% during the second quarter. Foundry Partners LLC now owns 124,360 shares of the financial services provider’s stock worth $1,538,000 after acquiring an additional 50,143 shares during the period. Hedge funds and other institutional investors own 64.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on HBNC. Keefe, Bruyette & Woods boosted their price target on Horizon Bancorp from $14.00 to $16.00 and gave the company a “market perform” rating in a report on Monday, July 29th. Piper Sandler upped their target price on Horizon Bancorp from $13.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Finally, StockNews.com downgraded Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, September 7th.

Horizon Bancorp Price Performance

NASDAQ HBNC opened at $15.82 on Friday. The company has a market cap of $691.49 million, a PE ratio of 29.30 and a beta of 1.04. The firm’s 50 day moving average price is $14.96 and its 200-day moving average price is $13.09. 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, Inc. has a 52-week low of $9.22 and a 52-week high of $16.62.

Horizon Bancorp (NASDAQ:HBNC) last posted its earnings results on Wednesday, July 24th. The financial services provider reported $0.32 earnings per share for the quarter, topping 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 company had revenue of $97.47 million during the quarter, compared to analyst estimates of $55.03 million. During the same quarter in the prior year, the business earned $0.41 earnings per share. Sell-side analysts forecast that Horizon Bancorp, Inc. will post 1.38 EPS for the current fiscal year.

Horizon Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Investors of record on Friday, July 5th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date was Friday, July 5th. Horizon Bancorp’s payout ratio is currently 118.52%.

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.