Horizon Bancorp, Inc. (NASDAQ:HBNC) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC lowered its holdings in shares of Horizon Bancorp, Inc. (NASDAQ:HBNC - Free Report) by 88.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,601 shares of the financial services provider's stock after selling 100,000 shares during the period. HighTower Advisors LLC's holdings in Horizon Bancorp were worth $196,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of HBNC. Dimensional Fund Advisors LP grew its position in Horizon Bancorp by 6.3% in 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 buying an additional 135,217 shares during the last quarter. Foundry Partners LLC lifted its stake in shares of Horizon Bancorp by 46.0% in the 3rd quarter. Foundry Partners LLC now owns 181,600 shares of the financial services provider's stock worth $2,824,000 after acquiring an additional 57,240 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Horizon Bancorp by 11.9% in 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 acquiring an additional 50,666 shares in the last quarter. Bank of Montreal Can purchased a new position in Horizon Bancorp during the second quarter worth about $432,000. Finally, Inspire Investing LLC purchased a new position in Horizon Bancorp during the third quarter worth about $414,000. 64.51% of the stock is owned by hedge funds and other institutional investors.

Horizon Bancorp Price Performance

Shares of NASDAQ:HBNC remained flat at $16.35 during trading on Thursday. 76,458 shares of the stock were exchanged, compared to its average volume of 162,833. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.83. The firm has a market cap of $714.74 million, a PE ratio of 34.79 and a beta of 1.05. The firm's fifty day moving average is $17.28 and its two-hundred day moving average is $15.41. Horizon Bancorp, Inc. has a twelve month low of $11.18 and a twelve month high of $19.18.

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.04. The company had revenue of $102.40 million for the quarter, compared to analyst estimates of $58.23 million. Horizon Bancorp had a return on equity of 8.27% and a net margin of 5.89%. During the same quarter in the prior year, the company posted $0.37 EPS. As a group, equities analysts forecast that Horizon Bancorp, Inc. will post 1.4 EPS for the current year.

Horizon Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Friday, January 3rd will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.91%. The ex-dividend date is Friday, January 3rd. Horizon Bancorp's dividend payout ratio (DPR) is 136.17%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on HBNC. Keefe, Bruyette & Woods increased their target price on Horizon Bancorp from $17.00 to $19.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th. Hovde Group assumed coverage on Horizon Bancorp in a research report on Monday, September 30th. They issued an "outperform" rating and a $18.00 price objective for the company. Finally, StockNews.com upgraded shares of Horizon Bancorp from a "sell" rating to a "hold" rating in a report on Friday, November 1st.

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.