Connor Clark & Lunn Investment Management Ltd. Invests $3.91 Million in Horizon Bancorp (IN) $HBNC

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Horizon Bancorp (IN) (NASDAQ:HBNC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 195,494 shares of the financial services provider’s stock, valued at approximately $3,906,000.

Several other hedge funds have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in Horizon Bancorp (IN) by 65.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 660 shares during the last quarter. Allworth Financial LP bought a new stake in Horizon Bancorp (IN) during the 2nd quarter worth about $31,000. Royal Bank of Canada raised its holdings in Horizon Bancorp (IN) by 93.5% during the 1st quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,388 shares during the last quarter. Quantbot Technologies LP acquired a new position in Horizon Bancorp (IN) during the 2nd quarter valued at about $70,000. Finally, Tower Research Capital LLC TRC lifted its position in Horizon Bancorp (IN) by 160.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,536 shares of the financial services provider’s stock valued at $101,000 after purchasing an additional 4,024 shares during the period. Institutional investors own 64.51% of the company’s stock.

Insider Activity at Horizon Bancorp (IN)

In other news, EVP Kathie A. Deruiter sold 8,000 shares of the company’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $20.19, for a total value of $161,520.00. Following the completion of the sale, the executive vice president directly owned 50,346 shares of the company’s stock, valued at $1,016,485.74. This represents a 13.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.19% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HBNC. Wall Street Zen raised shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a research note on Sunday, August 16th. Keefe, Bruyette & Woods boosted their price target on shares of Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Weiss Ratings lowered shares of Horizon Bancorp (IN) from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, August 20th. Stephens restated an “overweight” rating and issued a $21.00 price objective on shares of Horizon Bancorp (IN) in a report on Wednesday, July 1st. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $23.00 price objective (up from $21.00) on shares of Horizon Bancorp (IN) in a research note on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $22.33.

Horizon Bancorp (IN) Stock Down 0.4%

Shares of Horizon Bancorp (IN) stock opened at $19.53 on Friday. The business has a fifty day simple moving average of $20.07 and a 200 day simple moving average of $18.51. The stock has a market cap of $1.00 billion, a PE ratio of -6.18 and a beta of 0.82. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.21. Horizon Bancorp has a 12 month low of $14.97 and a 12 month high of $21.04.

Horizon Bancorp (IN) (NASDAQ:HBNC) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.02). Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%. The company had revenue of $75.50 million during the quarter, compared to analyst estimates of $76.56 million. Research analysts predict that Horizon Bancorp will post 2.07 EPS for the current year.

Horizon Bancorp (IN) Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, July 3rd were paid a $0.16 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. Horizon Bancorp (IN)’s dividend payout ratio is -20.25%.

About Horizon Bancorp (IN)

Horizon Bancorp (NASDAQ: HBNC) is a financial holding company headquartered in Columbus, Indiana, offering community banking and wealth management services through its subsidiary, Horizon Bank. As a locally focused institution, it provides a full range of retail and commercial banking products, including checking and savings accounts, consumer and mortgage lending, commercial real estate financing, and treasury management solutions.

In addition to traditional deposit and loan products, Horizon Bancorp’s services encompass investment advisory and trust administration, retirement planning, and insurance products.