Hotchkis & Wiley Capital Management LLC Sells 99,250 Shares of Horizon Bancorp, Inc. (NASDAQ:HBNC)

Hotchkis & Wiley Capital Management LLC cut its stake in shares of Horizon Bancorp, Inc. (NASDAQ:HBNC) by 13.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 641,260 shares of the financial services provider’s stock after selling 99,250 shares during the period. Hotchkis & Wiley Capital Management LLC’s holdings in Horizon Bancorp were worth $9,972,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Meritage Portfolio Management increased its position in shares of Horizon Bancorp by 9.1% during the third quarter. Meritage Portfolio Management now owns 19,796 shares of the financial services provider’s stock valued at $308,000 after buying an additional 1,658 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Horizon Bancorp by 16.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,347 shares of the financial services provider’s stock valued at $159,000 after buying an additional 1,749 shares during the period. Rhumbline Advisers increased its position in shares of Horizon Bancorp by 3.2% during the second quarter. Rhumbline Advisers now owns 68,944 shares of the financial services provider’s stock valued at $853,000 after buying an additional 2,120 shares during the period. Pathway Financial Advisers LLC increased its position in shares of Horizon Bancorp by 44.1% during the second quarter. Pathway Financial Advisers LLC now owns 8,956 shares of the financial services provider’s stock valued at $111,000 after buying an additional 2,740 shares during the period. Finally, CWM LLC increased its position in shares of Horizon Bancorp by 1,656.2% during the second quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock valued at $40,000 after buying an additional 3,064 shares during the period. 64.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods upped their price target on Horizon Bancorp from $17.00 to $19.00 and gave the company a “market perform” rating in a research report on Wednesday. Hovde Group started coverage on shares of Horizon Bancorp in a research report on Monday, September 30th. They issued an “outperform” rating and a $18.00 price objective on the stock. Finally, StockNews.com upgraded shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.75.

Horizon Bancorp Stock Up 1.5 %

Shares of HBNC opened at $18.26 on Thursday. The firm has a market cap of $798.33 million, a P/E ratio of 38.85 and a beta of 1.05. The stock has a 50 day simple moving average of $16.64 and a two-hundred day simple moving average of $14.88. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.88 and a quick ratio of 0.88. Horizon Bancorp, Inc. has a 1 year low of $11.18 and a 1 year high of $19.18.

Horizon Bancorp (NASDAQ:HBNC) last issued its earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.04. The business 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 8.27% and a net margin of 5.89%. During the same quarter in the prior year, the firm earned $0.37 earnings per share. On average, analysts forecast that Horizon Bancorp, Inc. will post 1.4 earnings per share for the current fiscal year.

Horizon Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Friday, October 4th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend was Friday, October 4th. Horizon Bancorp’s dividend payout ratio is currently 136.17%.

About Horizon Bancorp

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.