Schwab Charles Investment Management Inc. grew its holdings in shares of Horizon Bancorp (NASDAQ:HBNC) by 135.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 87,582 shares of the financial services provider’s stock after purchasing an additional 50,332 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.34% of Horizon Bancorp worth $2,555,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its position in Horizon Bancorp by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,101,483 shares of the financial services provider’s stock worth $29,024,000 after purchasing an additional 29,557 shares during the period. Vanguard Group Inc. increased its position in Horizon Bancorp by 7.8% during the 2nd quarter. Vanguard Group Inc. now owns 923,226 shares of the financial services provider’s stock worth $24,326,000 after purchasing an additional 66,713 shares during the period. Dimensional Fund Advisors LP increased its position in Horizon Bancorp by 7.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 613,289 shares of the financial services provider’s stock worth $16,160,000 after purchasing an additional 41,432 shares during the period. State Street Corp increased its position in Horizon Bancorp by 28.1% during the 2nd quarter. State Street Corp now owns 419,067 shares of the financial services provider’s stock worth $11,043,000 after purchasing an additional 91,901 shares during the period. Finally, Foundry Partners LLC increased its position in Horizon Bancorp by 8.2% during the 3rd quarter. Foundry Partners LLC now owns 247,577 shares of the financial services provider’s stock worth $7,222,000 after purchasing an additional 18,800 shares during the period. Institutional investors own 44.74% of the company’s stock.
In related news, CEO Craig M. Dwight sold 3,200 shares of the company’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $27.06, for a total value of $86,592.00. Following the sale, the chief executive officer now owns 150,625 shares of the company’s stock, valued at approximately $4,075,912.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Craig M. Dwight sold 15,365 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $27.42, for a total value of $421,308.30. Following the completion of the sale, the chief executive officer now directly owns 150,625 shares in the company, valued at approximately $4,130,137.50. The disclosure for this sale can be found here. Insiders have sold a total of 76,046 shares of company stock worth $2,072,323 in the last three months. Corporate insiders own 5.40% of the company’s stock.
Shares of Horizon Bancorp (NASDAQ HBNC) opened at $28.48 on Thursday. The company has a market capitalization of $717.59, a P/E ratio of 20.49 and a beta of 0.98. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.96 and a current ratio of 0.96. Horizon Bancorp has a 52 week low of $24.20 and a 52 week high of $29.25.
Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.41 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.04). The firm had revenue of $35.90 million for the quarter, compared to analysts’ expectations of $37.81 million. Horizon Bancorp had a return on equity of 9.58% and a net margin of 20.03%. research analysts expect that Horizon Bancorp will post 1.61 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, January 5th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend is Thursday, January 4th. Horizon Bancorp’s dividend payout ratio (DPR) is 37.41%.
Several equities research analysts have recently commented on the company. Zacks Investment Research lowered Horizon Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, September 27th. Piper Jaffray Companies set a $32.00 price target on Horizon Bancorp and gave the stock a “buy” rating in a research note on Friday, October 6th. BidaskClub raised Horizon Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, December 7th. Finally, Sandler O’Neill reissued a “hold” rating and set a $29.50 price target on shares of Horizon Bancorp in a research note on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $30.13.
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About Horizon Bancorp
Horizon Bancorp is a bank holding company. The Company provides a range of banking services in Northern and Central Indiana and Southwestern and Central Michigan through its bank subsidiary, Horizon Bank, N.A. (the Bank) and other affiliated entities and Horizon Risk Management, Inc The Company operates through commercial banking segment.
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