EMC Capital Management Decreases Position in Horizon Bancorp, Inc. (NASDAQ:HBNC)

EMC Capital Management trimmed its holdings in shares of Horizon Bancorp, Inc. (NASDAQ:HBNC) by 12.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 10,773 shares of the financial services provider’s stock after selling 1,518 shares during the period. EMC Capital Management’s holdings in Horizon Bancorp were worth $174,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in Horizon Bancorp by 6.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,276,566 shares of the financial services provider’s stock valued at $28,160,000 after acquiring an additional 135,217 shares during the period. Geode Capital Management LLC lifted its position in Horizon Bancorp by 5.2% in the third quarter. Geode Capital Management LLC now owns 1,053,625 shares of the financial services provider’s stock valued at $16,387,000 after purchasing an additional 52,423 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Horizon Bancorp by 11.9% during the second quarter. AQR Capital Management LLC now owns 478,205 shares of the financial services provider’s stock valued at $5,915,000 after purchasing an additional 50,666 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Horizon Bancorp by 6.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 350,981 shares of the financial services provider’s stock worth $5,458,000 after purchasing an additional 22,727 shares during the last quarter. Finally, Foundry Partners LLC increased its stake in shares of Horizon Bancorp by 46.0% in the third quarter. Foundry Partners LLC now owns 181,600 shares of the financial services provider’s stock worth $2,824,000 after buying an additional 57,240 shares during the period. 64.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on HBNC. Keefe, Bruyette & Woods increased their price target on shares of Horizon Bancorp from $17.00 to $19.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler cut their target price on Horizon Bancorp from $20.00 to $19.00 and set a “neutral” rating on the stock in a research note on Monday. Finally, StockNews.com raised Horizon Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, November 1st.

Horizon Bancorp Price Performance

Shares of NASDAQ HBNC opened at $16.84 on Friday. Horizon Bancorp, Inc. has a 1 year low of $11.18 and a 1 year high of $19.18. The stock has a market capitalization of $736.24 million, a P/E ratio of 21.05 and a beta of 1.08. The company’s 50-day moving average is $16.80 and its 200 day moving average is $16.08. 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 (NASDAQ:HBNC) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). Horizon Bancorp had a net margin of 9.86% and a return on equity of 8.48%. On average, sell-side analysts expect that Horizon Bancorp, Inc. will post 1.67 earnings per share for the current year.

Horizon Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Friday, January 3rd were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend was Friday, January 3rd. Horizon Bancorp’s dividend payout ratio is presently 80.00%.

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.