The Manufacturers Life Insurance Company Boosts Stake in Horizon Bancorp Inc (NASDAQ:HBNC)

The Manufacturers Life Insurance Company raised its stake in Horizon Bancorp Inc (NASDAQ:HBNC) by 3.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,666,075 shares of the financial services provider’s stock after buying an additional 62,845 shares during the quarter. The Manufacturers Life Insurance Company owned about 4.34% of Horizon Bancorp worth $32,905,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. lifted its position in Horizon Bancorp by 66.7% during the second quarter. BlackRock Inc. now owns 2,162,231 shares of the financial services provider’s stock worth $44,735,000 after purchasing an additional 864,841 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Horizon Bancorp by 61.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,459,492 shares of the financial services provider’s stock worth $30,197,000 after purchasing an additional 557,868 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Horizon Bancorp by 99.2% during the 2nd quarter. Renaissance Technologies LLC now owns 935,110 shares of the financial services provider’s stock valued at $19,347,000 after acquiring an additional 465,769 shares in the last quarter. PL Capital Advisors LLC raised its stake in shares of Horizon Bancorp by 50.0% during the 2nd quarter. PL Capital Advisors LLC now owns 1,333,712 shares of the financial services provider’s stock worth $27,595,000 after purchasing an additional 444,570 shares during the period. Finally, Epoch Investment Partners Inc. raised its stake in shares of Horizon Bancorp by 42.6% during the 2nd quarter. Epoch Investment Partners Inc. now owns 1,107,627 shares of the financial services provider’s stock worth $22,917,000 after purchasing an additional 330,742 shares during the period. 53.18% of the stock is currently owned by hedge funds and other institutional investors.

Shares of HBNC stock traded down $0.17 during mid-day trading on Thursday, hitting $16.33. 79,700 shares of the stock were exchanged, compared to its average volume of 97,671. The firm has a market cap of $630.77 million, a price-to-earnings ratio of 16.01 and a beta of 1.09. Horizon Bancorp Inc has a 12-month low of $14.79 and a 12-month high of $22.13. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 0.97.

Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly earnings data on Monday, October 29th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.06). Horizon Bancorp had a return on equity of 10.28% and a net margin of 24.49%. The firm had revenue of $42.46 million for the quarter, compared to analysts’ expectations of $43.43 million. As a group, research analysts predict that Horizon Bancorp Inc will post 1.4 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, January 18th. Investors of record on Friday, January 4th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Thursday, January 3rd. Horizon Bancorp’s dividend payout ratio is currently 39.22%.

In related news, President James D. Neff purchased 3,000 shares of the stock in a transaction that occurred on Thursday, December 6th. The shares were purchased at an average price of $16.25 per share, with a total value of $48,750.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.60% of the company’s stock.

A number of analysts have recently issued reports on the company. BidaskClub upgraded Horizon Bancorp from a “strong sell” rating to a “sell” rating in a research report on Thursday, October 11th. Raymond James cut their target price on Horizon Bancorp from $23.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, November 1st. ValuEngine lowered Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, September 12th. Stephens restated a “buy” rating and set a $20.00 price target on shares of Horizon Bancorp in a research note on Wednesday, December 19th. Finally, Zacks Investment Research lowered Horizon Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, January 2nd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. Horizon Bancorp has a consensus rating of “Hold” and an average price target of $21.58.

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About Horizon Bancorp

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that provides commercial and retail banking services. The company offers non-interest bearing and interest-bearing demand deposits, savings accounts, money market deposits, and time deposits. Its loan portfolio comprises commercial, financial, agricultural, and commercial tax-exempt loans; and real estate, mortgage warehouse, and consumer loans.

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Institutional Ownership by Quarter for Horizon Bancorp (NASDAQ:HBNC)

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