Magnetar Financial LLC Raises Position in Horizon Bancorp, Inc. (NASDAQ:HBNC)

Magnetar Financial LLC raised its stake in shares of Horizon Bancorp, Inc. (NASDAQ:HBNC) by 21.4% during the fourth quarter, HoldingsChannel reports. The firm owned 37,088 shares of the financial services provider’s stock after buying an additional 6,538 shares during the quarter. Magnetar Financial LLC’s holdings in Horizon Bancorp were worth $597,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in HBNC. PL Capital Advisors LLC raised its position in Horizon Bancorp by 1,521.9% during the fourth quarter. PL Capital Advisors LLC now owns 23,893,933 shares of the financial services provider’s stock valued at $384,931,000 after purchasing an additional 22,420,759 shares during the period. Foundry Partners LLC raised its position in Horizon Bancorp by 46.0% during the third quarter. Foundry Partners LLC now owns 181,600 shares of the financial services provider’s stock valued at $2,824,000 after purchasing an additional 57,240 shares during the period. Geode Capital Management LLC raised its position in Horizon Bancorp by 5.2% during the third quarter. Geode Capital Management LLC now owns 1,053,625 shares of the financial services provider’s stock valued at $16,387,000 after purchasing an additional 52,423 shares during the period. Barclays PLC raised its position in Horizon Bancorp by 62.7% during the third quarter. Barclays PLC now owns 109,553 shares of the financial services provider’s stock valued at $1,704,000 after purchasing an additional 42,218 shares during the period. Finally, Teacher Retirement System of Texas bought a new position in shares of Horizon Bancorp during the fourth quarter valued at approximately $669,000. 64.51% of the stock is currently owned by hedge funds and other institutional investors.

Horizon Bancorp Stock Down 2.1 %

Shares of NASDAQ HBNC opened at $15.28 on Friday. 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 stock has a market capitalization of $672.55 million, a PE ratio of 19.10 and a beta of 1.05. The stock’s fifty day simple moving average is $16.41 and its two-hundred day simple moving average is $16.44. Horizon Bancorp, Inc. has a 12-month low of $11.18 and a 12-month high of $19.18.

Horizon Bancorp (NASDAQ:HBNC) last announced its earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.03). Horizon Bancorp had a net margin of 9.86% and a return on equity of 8.48%. As a group, analysts expect that Horizon Bancorp, Inc. will post 1.78 EPS for the current fiscal year.

Horizon Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Friday, April 4th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, April 4th. This represents a $0.64 annualized dividend and a yield of 4.19%. Horizon Bancorp’s dividend payout ratio (DPR) is presently 80.00%.

Analysts Set New Price Targets

HBNC has been the topic of a number of analyst reports. Keefe, Bruyette & Woods upped their target price on Horizon Bancorp from $17.00 to $19.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Piper Sandler cut their target price on Horizon Bancorp from $20.00 to $19.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th.

About Horizon Bancorp

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.