Graham Capital Management L.P. Purchases New Stake in Horizon Bancorp, Inc. (NASDAQ:HBNC)

Graham Capital Management L.P. acquired a new position in shares of Horizon Bancorp, Inc. (NASDAQ:HBNC) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 17,991 shares of the financial services provider’s stock, valued at approximately $290,000.

Several other hedge funds and other institutional investors also recently modified their holdings of HBNC. PL Capital Advisors LLC lifted its position in shares of 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 worth $384,931,000 after purchasing an additional 22,420,759 shares during the last quarter. Hillsdale Investment Management Inc. bought a new position in Horizon Bancorp during the 4th quarter worth approximately $3,783,000. Segall Bryant & Hamill LLC acquired a new position in shares of Horizon Bancorp in the 4th quarter worth approximately $1,826,000. JPMorgan Chase & Co. grew its position in shares of Horizon Bancorp by 99.4% in the 4th quarter. JPMorgan Chase & Co. now owns 212,568 shares of the financial services provider’s stock worth $3,424,000 after acquiring an additional 105,959 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Horizon Bancorp by 3.9% in the 4th quarter. Vanguard Group Inc. now owns 2,452,279 shares of the financial services provider’s stock valued at $39,506,000 after acquiring an additional 91,476 shares during the last quarter. Institutional investors own 64.51% of the company’s stock.

Horizon Bancorp Price Performance

Shares of HBNC opened at $15.80 on Friday. Horizon Bancorp, Inc. has a 12 month low of $11.46 and a 12 month high of $19.18. 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 fifty day moving average price of $14.67 and a 200 day moving average price of $16.16. The company has a market cap of $695.44 million, a P/E ratio of 19.75 and a beta of 0.82.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.40 by $0.14. The business had revenue of $69.17 million during the quarter, compared to analyst estimates of $64.52 million. Horizon Bancorp had a net margin of 9.86% and a return on equity of 8.48%. On average, research analysts forecast that Horizon Bancorp, Inc. will post 1.78 earnings per share for the current year.

Horizon Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 18th. Shareholders of record on Friday, April 4th were paid a $0.16 dividend. The ex-dividend date of this dividend was Friday, April 4th. This represents a $0.64 annualized dividend and a dividend yield of 4.05%. Horizon Bancorp’s payout ratio is currently 62.75%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on HBNC. Keefe, Bruyette & Woods reduced their price objective on Horizon Bancorp from $18.00 to $17.00 and set a “market perform” rating on the stock in a research note on Friday, April 25th. Piper Sandler reduced their price target on shares of Horizon Bancorp from $18.00 to $17.00 and set a “neutral” rating on the stock in a research report on Monday, April 28th.

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.