Foundry Partners LLC Has $2.82 Million Position in Horizon Bancorp, Inc. (NASDAQ:HBNC)

Foundry Partners LLC increased its holdings in shares of Horizon Bancorp, Inc. (NASDAQ:HBNC - Free Report) by 46.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 181,600 shares of the financial services provider's stock after acquiring an additional 57,240 shares during the quarter. Foundry Partners LLC owned about 0.42% of Horizon Bancorp worth $2,824,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of HBNC. Dimensional Fund Advisors LP increased its holdings in shares of Horizon Bancorp by 6.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,276,566 shares of the financial services provider's stock worth $28,160,000 after purchasing an additional 135,217 shares during the period. AQR Capital Management LLC increased its stake in Horizon Bancorp by 11.9% during the 2nd quarter. AQR Capital Management LLC now owns 478,205 shares of the financial services provider's stock worth $5,915,000 after acquiring an additional 50,666 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new position in Horizon Bancorp during the 2nd quarter worth $446,000. Bank of Montreal Can acquired a new position in Horizon Bancorp in the 2nd quarter valued at $432,000. Finally, Inspire Investing LLC bought a new stake in shares of Horizon Bancorp during the 3rd quarter valued at $414,000. Institutional investors and hedge funds own 64.51% of the company's stock.

Horizon Bancorp Price Performance

Shares of HBNC stock traded up $0.24 on Friday, reaching $18.53. The company had a trading volume of 167,744 shares, compared to its average volume of 162,276. The stock has a market capitalization of $809.91 million, a PE ratio of 38.98 and a beta of 1.03. 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 business's 50-day moving average is $16.19 and its 200 day moving average is $14.50. Horizon Bancorp, Inc. has a one year low of $10.65 and a one year high of $18.85.

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) last announced 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 the consensus estimate of $58.23 million. During the same period in the prior year, the business earned $0.37 earnings per share. Equities research analysts forecast that Horizon Bancorp, Inc. will post 1.4 EPS for the current fiscal year.

Horizon Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Friday, October 4th were paid a $0.16 dividend. The ex-dividend date was Friday, October 4th. This represents a $0.64 annualized dividend and a dividend yield of 3.45%. Horizon Bancorp's payout ratio is 136.17%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on HBNC shares. Hovde Group initiated coverage on Horizon Bancorp in a research report on Monday, September 30th. They issued an "outperform" rating and a $18.00 price target on the stock. Piper Sandler raised their target price on shares of Horizon Bancorp from $13.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, July 29th. Keefe, Bruyette & Woods boosted their target price on shares of Horizon Bancorp from $14.00 to $16.00 and gave the company a "market perform" rating in a research report on Monday, July 29th. 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 equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $16.00.

Horizon Bancorp Company 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.