PL Capital Advisors LLC Purchases 22,420,759 Shares of Horizon Bancorp, Inc. (NASDAQ:HBNC)

PL Capital Advisors LLC raised its position in Horizon Bancorp, Inc. (NASDAQ:HBNC) by 1,521.9% in the fourth quarter, Holdings Channel reports. The fund owned 23,893,933 shares of the financial services provider’s stock after buying an additional 22,420,759 shares during the period. Horizon Bancorp makes up approximately 4.5% of PL Capital Advisors LLC’s portfolio, making the stock its 7th biggest holding. PL Capital Advisors LLC owned approximately 0.55% of Horizon Bancorp worth $384,931,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quarry LP raised its holdings in shares of Horizon Bancorp by 508.1% in the 3rd 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 in the last quarter. R Squared Ltd purchased a new position in Horizon Bancorp in the fourth quarter valued at $39,000. POM Investment Strategies LLC purchased a new position in Horizon Bancorp in the fourth quarter valued at $92,000. Centiva Capital LP acquired a new stake in Horizon Bancorp in the third quarter valued at $163,000. Finally, Walleye Capital LLC purchased a new stake in Horizon Bancorp during the 3rd quarter worth about $169,000. Institutional investors and hedge funds own 64.51% of the company’s stock.

Horizon Bancorp Stock Up 1.3 %

HBNC stock opened at $16.67 on Wednesday. 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 company’s 50-day moving average price is $16.44 and its 200 day moving average price is $16.37. Horizon Bancorp, Inc. has a 52 week low of $11.18 and a 52 week high of $19.18. The company has a market cap of $728.73 million, a P/E ratio of 20.84 and a beta of 1.07.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly 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 return on equity of 8.48% and a net margin of 9.86%. On average, research analysts expect that Horizon Bancorp, Inc. will post 1.78 earnings per share for the current fiscal year.

Horizon Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Friday, January 3rd were issued a dividend of $0.16 per share. The ex-dividend date was Friday, January 3rd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.84%. Horizon Bancorp’s dividend payout ratio (DPR) is presently 80.00%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods increased their price target on shares of 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 dropped their target price on shares of Horizon Bancorp from $20.00 to $19.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. Finally, StockNews.com raised Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Friday, November 1st.

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.