Hillsdale Investment Management Inc. Makes New $3.78 Million Investment in Horizon Bancorp, Inc. (NASDAQ:HBNC)

Hillsdale Investment Management Inc. bought a new stake in Horizon Bancorp, Inc. (NASDAQ:HBNC - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 234,810 shares of the financial services provider's stock, valued at approximately $3,783,000. Hillsdale Investment Management Inc. owned about 0.54% of Horizon Bancorp as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its stake in shares of Horizon Bancorp by 6.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 350,981 shares of the financial services provider's stock valued at $5,458,000 after buying an additional 22,727 shares during the period. BNP Paribas Financial Markets raised its holdings in Horizon Bancorp by 27.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 21,070 shares of the financial services provider's stock valued at $328,000 after acquiring an additional 4,501 shares in the last quarter. Walleye Capital LLC bought a new stake in shares of Horizon Bancorp in the 3rd quarter worth approximately $169,000. Centiva Capital LP acquired a new stake in shares of Horizon Bancorp during the 3rd quarter worth approximately $163,000. Finally, Quarry LP increased its position in shares of Horizon Bancorp by 508.1% during the third quarter. Quarry LP now owns 2,098 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 1,753 shares during the period. 64.51% of the stock is owned by institutional investors.

Horizon Bancorp Stock Performance

Shares of HBNC remained flat at $15.52 on Thursday. 115,732 shares of the company were exchanged, compared to its average volume of 158,050. The stock's 50 day simple moving average is $16.42 and its 200 day simple moving average is $16.44. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market cap of $683.11 million, a PE ratio of 19.40 and a beta of 1.05. Horizon Bancorp, Inc. has a twelve month low of $11.18 and a twelve month high of $19.18.

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Horizon Bancorp (NASDAQ:HBNC - Get Free Report) last issued its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 EPS for the quarter, missing analysts' consensus estimates of $0.39 by ($0.03). Horizon Bancorp had a net margin of 9.86% and a return on equity of 8.48%. Equities research analysts predict that Horizon Bancorp, Inc. will post 1.78 EPS for the current year.

Horizon Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Friday, April 4th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date of this dividend is Friday, April 4th. Horizon Bancorp's payout ratio is currently 80.00%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Piper Sandler reduced their target price on Horizon Bancorp from $20.00 to $19.00 and set a "neutral" rating for the company in a research report on Monday, January 27th. Keefe, Bruyette & Woods lifted their target price on shares of Horizon Bancorp from $17.00 to $19.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th.

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.