Inspire Investing LLC Purchases New Shares in Horizon Bancorp, Inc. (NASDAQ:HBNC)

Inspire Investing LLC acquired a new position in Horizon Bancorp, Inc. (NASDAQ:HBNC) in the 3rd quarter, HoldingsChannel.com reports. The firm acquired 26,635 shares of the financial services provider’s stock, valued at approximately $414,000.

Other hedge funds have also recently bought and sold shares of the company. Bank of Montreal Can purchased a new stake in Horizon Bancorp in the 2nd quarter worth about $432,000. Foundry Partners LLC raised its stake in shares of Horizon Bancorp by 67.6% during the 2nd quarter. Foundry Partners LLC now owns 124,360 shares of the financial services provider’s stock worth $1,538,000 after purchasing an additional 50,143 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Horizon Bancorp by 16.5% during 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 purchasing an additional 1,749 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Horizon Bancorp by 88,223.7% during the 1st quarter. Blue Trust Inc. now owns 67,126 shares of the financial services provider’s stock worth $861,000 after purchasing an additional 67,050 shares in the last quarter. Finally, Axxcess Wealth Management LLC raised its stake in shares of Horizon Bancorp by 46.7% during the 1st quarter. Axxcess Wealth Management LLC now owns 15,523 shares of the financial services provider’s stock worth $199,000 after purchasing an additional 4,943 shares in the last quarter. 64.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

HBNC has been the subject of a number of recent research reports. Hovde Group initiated coverage on Horizon Bancorp in a research note on Monday, September 30th. They set an “outperform” rating and a $18.00 price target for the company. StockNews.com raised Horizon Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, September 23rd. Piper Sandler raised their price target on Horizon Bancorp from $13.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods raised their price target on Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $16.00.

Horizon Bancorp Stock Performance

Shares of NASDAQ HBNC opened at $15.80 on Thursday. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $697.03 million, a price-to-earnings ratio of 29.26 and a beta of 1.04. The business’s 50-day simple moving average is $15.30 and its 200-day simple moving average is $13.59. Horizon Bancorp, Inc. has a 52 week low of $9.22 and a 52 week high of $16.64.

Horizon Bancorp (NASDAQ:HBNC) last released its earnings results on Wednesday, July 24th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. The firm had revenue of $97.47 million for the quarter, compared to analyst estimates of $55.03 million. Horizon Bancorp had a return on equity of 8.17% and a net margin of 5.50%. During the same quarter last year, the firm posted $0.41 EPS. As a group, equities research analysts expect that Horizon Bancorp, Inc. will post 1.38 earnings per share for the current fiscal year.

Horizon Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Friday, October 4th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend is Friday, October 4th. Horizon Bancorp’s dividend payout ratio (DPR) is currently 118.52%.

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.