Hotchkis & Wiley Capital Management LLC Sells 99,250 Shares of Horizon Bancorp, Inc. (NASDAQ:HBNC)

Hotchkis & Wiley Capital Management LLC cut its position in Horizon Bancorp, Inc. (NASDAQ:HBNC - Free Report) by 13.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 641,260 shares of the financial services provider's stock after selling 99,250 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned 1.47% of Horizon Bancorp worth $9,972,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in HBNC. Meritage Portfolio Management lifted its stake in Horizon Bancorp by 9.1% during the third quarter. Meritage Portfolio Management now owns 19,796 shares of the financial services provider's stock worth $308,000 after purchasing an additional 1,658 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Horizon Bancorp by 16.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,347 shares of the financial services provider's stock valued at $159,000 after buying an additional 1,749 shares in the last quarter. Rhumbline Advisers raised its stake in Horizon Bancorp by 3.2% during the second quarter. Rhumbline Advisers now owns 68,944 shares of the financial services provider's stock worth $853,000 after acquiring an additional 2,120 shares in the last quarter. Pathway Financial Advisers LLC lifted its holdings 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 acquiring an additional 2,740 shares during the last quarter. Finally, CWM LLC boosted its stake in shares of Horizon Bancorp by 1,656.2% in the 2nd quarter. CWM LLC now owns 3,249 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 3,064 shares in the last quarter. Institutional investors and hedge funds own 64.51% of the company's stock.

Analyst Upgrades and Downgrades

HBNC has been the subject of a number of research analyst reports. StockNews.com upgraded shares of Horizon Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, November 1st. Hovde Group assumed coverage on shares of Horizon Bancorp in a report on Monday, September 30th. They set an "outperform" rating and a $18.00 price target for the company. Finally, Keefe, Bruyette & Woods raised their price objective on Horizon Bancorp from $17.00 to $19.00 and gave the company a "market perform" rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $16.75.

Horizon Bancorp Trading Down 0.9 %

HBNC traded down $0.16 during trading on Thursday, reaching $18.10. 108,626 shares of the company's stock were exchanged, compared to its average volume of 161,854. The firm has a fifty day moving average price of $16.70 and a two-hundred day moving average price of $14.90. The stock has a market capitalization of $791.33 million, a PE ratio of 38.51 and a beta of 1.05. Horizon Bancorp, Inc. has a one year low of $11.18 and a one year high of $19.18. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.83.

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

Horizon Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Friday, October 4th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date was Friday, October 4th. Horizon Bancorp's dividend payout ratio is currently 136.17%.

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.