1ST Source Bank Reduces Stake in Horizon Bancorp, Inc. (NASDAQ:HBNC)

1ST Source Bank reduced its stake in Horizon Bancorp, Inc. (NASDAQ:HBNC) by 3.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,000 shares of the financial services provider’s stock after selling 1,321 shares during the quarter. 1ST Source Bank’s holdings in Horizon Bancorp were worth $580,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in HBNC. Geode Capital Management LLC grew its holdings in shares of Horizon Bancorp by 5.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,053,625 shares of the financial services provider’s stock worth $16,387,000 after purchasing an additional 52,423 shares during the period. Barclays PLC grew its holdings in shares of Horizon Bancorp by 62.7% during the 3rd quarter. Barclays PLC now owns 109,553 shares of the financial services provider’s stock worth $1,704,000 after purchasing an additional 42,218 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Horizon Bancorp by 37.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 106,609 shares of the financial services provider’s stock worth $1,658,000 after purchasing an additional 28,999 shares during the period. Franklin Resources Inc. grew its holdings in shares of Horizon Bancorp by 7.0% during the 3rd quarter. Franklin Resources Inc. now owns 25,996 shares of the financial services provider’s stock worth $399,000 after purchasing an additional 1,703 shares during the period. Finally, Rhumbline Advisers grew its holdings in shares of Horizon Bancorp by 3.7% during the 4th quarter. Rhumbline Advisers now owns 69,900 shares of the financial services provider’s stock worth $1,126,000 after purchasing an additional 2,521 shares during the period. 64.51% of the stock is currently owned by hedge funds and other institutional investors.

Horizon Bancorp Stock Performance

Shares of Horizon Bancorp stock opened at $15.60 on Tuesday. The business has a 50-day moving average of $16.40 and a 200 day moving average of $16.46. Horizon Bancorp, Inc. has a 12 month low of $11.18 and a 12 month high of $19.18. The stock has a market capitalization of $681.95 million, a price-to-earnings ratio of 19.50 and a beta of 1.05. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.88 and a quick ratio of 0.88.

Horizon Bancorp (NASDAQ:HBNC) last announced its earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 EPS for the quarter, missing analysts’ consensus estimates 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, sell-side analysts forecast that Horizon Bancorp, Inc. will post 1.78 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods increased their price target on Horizon Bancorp from $17.00 to $19.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Piper Sandler lowered their target price on Horizon Bancorp from $20.00 to $19.00 and set a “neutral” rating for the company in a report on Monday, January 27th.

Horizon Bancorp Company 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.