The Manufacturers Life Insurance Company Reduces Position in Horizon Bancorp, Inc. (NASDAQ:HBNC)

The Manufacturers Life Insurance Company trimmed its position in Horizon Bancorp, Inc. (NASDAQ:HBNC) by 2.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 902,850 shares of the financial services provider’s stock after selling 24,113 shares during the quarter. The Manufacturers Life Insurance Company owned 2.07% of Horizon Bancorp worth $14,039,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWM LLC increased its position in shares of Horizon Bancorp by 1,656.2% in the second quarter. CWM LLC now owns 3,249 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 3,064 shares during the period. Pathway Financial Advisers LLC grew its stake in shares of Horizon Bancorp by 44.1% in the second quarter. Pathway Financial Advisers LLC now owns 8,956 shares of the financial services provider’s stock worth $111,000 after purchasing an additional 2,740 shares during the last quarter. Mackenzie Financial Corp purchased a new position in Horizon Bancorp during the 2nd quarter valued at about $133,000. Elser Financial Planning Inc bought a new position in Horizon Bancorp during the 2nd quarter valued at approximately $137,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Horizon Bancorp by 16.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,347 shares of the financial services provider’s stock worth $159,000 after buying an additional 1,749 shares during the last quarter. 64.51% of the stock is currently owned by institutional investors.

Horizon Bancorp Price Performance

Shares of HBNC stock opened at $18.29 on Monday. The business’s fifty day moving average is $16.48 and its 200 day moving average is $14.78. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.83. The stock has a market cap of $799.64 million, a price-to-earnings ratio of 38.92 and a beta of 1.03. Horizon Bancorp, Inc. has a twelve month low of $10.78 and a twelve month high of $19.18.

Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly 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. Horizon Bancorp had a net margin of 5.89% and a return on equity of 8.27%. The company had revenue of $102.40 million during the quarter, compared to analyst estimates of $58.23 million. During the same period last year, the business earned $0.37 EPS. Research analysts expect that Horizon Bancorp, Inc. will post 1.4 EPS for the current fiscal year.

Horizon Bancorp Dividend Announcement

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

Analyst Ratings Changes

HBNC has been the subject of a number of recent analyst reports. StockNews.com upgraded Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Hovde Group began coverage on shares of Horizon Bancorp in a report on Monday, September 30th. They issued an “outperform” rating and a $18.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Horizon Bancorp presently has a consensus rating of “Hold” and an average price target of $16.00.

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.