Horizon Bancorp (IN) (NASDAQ:HBNC) Sees Significant Decrease in Short Interest

Horizon Bancorp (IN) (NASDAQ:HBNC) was the recipient of a significant decline in short interest in the month of February. As of February 27th, there was short interest totaling 1,201,131 shares, a decline of 14.1% from the February 12th total of 1,398,860 shares. Based on an average trading volume of 426,576 shares, the short-interest ratio is currently 2.8 days. Currently, 2.4% of the company’s shares are sold short. Currently, 2.4% of the company’s shares are sold short. Based on an average trading volume of 426,576 shares, the short-interest ratio is currently 2.8 days.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of HBNC. Wellington Management Group LLP acquired a new position in shares of Horizon Bancorp (IN) during the 3rd quarter worth approximately $24,842,000. FJ Capital Management LLC boosted its holdings in shares of Horizon Bancorp (IN) by 309.5% in the 4th quarter. FJ Capital Management LLC now owns 1,083,840 shares of the financial services provider’s stock valued at $18,382,000 after buying an additional 819,189 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Horizon Bancorp (IN) by 1,202.2% in the third quarter. Alliancebernstein L.P. now owns 593,109 shares of the financial services provider’s stock valued at $9,496,000 after buying an additional 547,561 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Horizon Bancorp (IN) by 69.6% in the fourth quarter. Jennison Associates LLC now owns 1,242,365 shares of the financial services provider’s stock valued at $21,071,000 after buying an additional 509,775 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its holdings in Horizon Bancorp (IN) by 78.9% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 963,397 shares of the financial services provider’s stock worth $16,339,000 after buying an additional 424,896 shares during the last quarter. 64.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on HBNC shares. Zacks Research lowered Horizon Bancorp (IN) from a “hold” rating to a “strong sell” rating in a research report on Monday, February 2nd. Weiss Ratings reissued a “sell (d)” rating on shares of Horizon Bancorp (IN) in a research note on Monday, December 29th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Horizon Bancorp (IN) from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Friday, January 23rd. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.33.

Horizon Bancorp (IN) Stock Down 1.5%

Horizon Bancorp (IN) stock traded down $0.24 during mid-day trading on Wednesday, reaching $15.65. The company’s stock had a trading volume of 43,814 shares, compared to its average volume of 369,851. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.91 and a current ratio of 0.95. Horizon Bancorp has a 12 month low of $12.70 and a 12 month high of $19.07. The business’s 50 day simple moving average is $17.37 and its 200 day simple moving average is $16.84. The company has a market capitalization of $801.54 million, a price-to-earnings ratio of -4.97 and a beta of 0.82.

Horizon Bancorp (IN) (NASDAQ:HBNC) last issued its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $0.53 EPS for the quarter, topping the consensus estimate of $0.50 by $0.03. The firm had revenue of $64.53 million for the quarter, compared to analysts’ expectations of $74.35 million. Horizon Bancorp (IN) had a negative net margin of 37.12% and a positive return on equity of 11.77%. As a group, research analysts anticipate that Horizon Bancorp will post 1.78 earnings per share for the current year.

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.