BlackRock Fund Advisors recently announced the acquisition of new stake in Horizon Bancorp Inc. (NASDAQ:HBNC). The institutional investor has increased its shareholding in the Financial company by 9.36% to 3.03 million shares with purchase of 0.26 million shares. This fresh investment now brings its stake to 6.89% valued currently at $45.68 million. In addition, Dimensional Fund Advisors LP raised its holdings by 0.12 million to 2.33 million shares. And The Vanguard Group, Inc. has lifted its position by 0.11% or 2363.0 shares – to 2.2 million shares.
With over 0.2 million Horizon Bancorp Inc. (HBNC) shares trading Friday and a closing price of $15.63 on the day, the dollar volume was approximately $3.2 million. The shares have shown a negative half year performance of -13.46% and its price on 01/20/23 gained nearly 1.63%. Currently, there are 43.57M common shares owned by the public and among those 39.20M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for HBNC have a consensus price objective of $18.00. The analysts have set the share’s price value over the next 12 months at a high of $19.00 and a low of $17.00. The average price target is 13.17% above its recent price level and an upside to the estimated low will see the stock gain 8.06% over that period. But an upside of 17.74% will see the stock hit the forecast high price target while median target price for the stock is $18.00.
Insiders at the company have transacted a total of 30 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 22 of these insider trades were purchases, accounting for 62,117 shares. Insider sales of the common stock occurred on 8 occasions, with total insider shares sold totaling 27,551 shares.
The top 3 mutual fund holders in Horizon Bancorp Inc. are Janus Henderson Small Cap Value F, Vanguard Total Stock Market Index, and iShares Russell 2000 ETF. Janus Henderson Small Cap Value F owns 1.93 million shares of the company’s stock, all valued at over $29.08 million. iShares Russell 2000 ETF sold 9882.0 shares to bring its total holdings to over 0.95 million shares at a value of $14.31 million. iShares Russell 2000 ETF now owns shares totaling to 2.16% of the shares outstanding.
Shares of Horizon Bancorp Inc. (NASDAQ: HBNC) opened at $15.54, up $0.16 from a prior closing price of $15.38. However, the script later moved the day high at 15.73, up 1.63%. The company’s stock has a 5-day price change of -1.20% and -19.89% over the past three months. HBNC shares are trading 3.65% year to date (YTD), with the 12-month market performance down to -31.87% lower. It has a 12-month low price of $14.50 and touched a high of $23.05 over the same period. HBNC has an average intraday trading volume of 198.93K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.92%, 1.12%, and -11.00% respectively.
Institutional ownership of Horizon Bancorp Inc. (NASDAQ: HBNC) shares accounts for 57.00% of the company’s 43.57M shares outstanding. Mutual fund holders own 26.22%, while other institutional holders and individual stakeholders account for 30.25% and 14.19% respectively.
It has a market capitalization of $675.68M and a beta (3y monthly) value of 0.92. The stock’s trailing 12-month PE ratio is 7.29, while the earnings-per-share (ttm) stands at $2.14. The company has a debt-to-equity ratio at 1.80. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.29% over the week and 1.98% over the month.
Analysts forecast that Horizon Bancorp Inc. (HBNC) will achieve an EPS of $0.62 for the current quarter, $0.59 for the next quarter and $2.46 for 2023. The lowest estimate earnings-per-share for the quarter is $0.59 while analysts give the company a high EPS estimate of $0.66. Comparatively, EPS for the current quarter was $0.53 a year ago. Earnings per share for the fiscal year are expected to increase by 27.60%, and -8.81% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Horizon Bancorp Inc. (HBNC) as a “Strong Buy” at a consensus score of 1.80. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 1 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the HBNC, a number of firms have released research notes about the stock. Keefe Bruyette stated their Mkt Perform rating for the stock in a research note on October 28, 2022, with the firm’s price target at $23-$18. Raymond James coverage for the Horizon Bancorp Inc. (HBNC) stock in a research note released on July 07, 2022 offered a Outperform rating with a price target of $22. Sandler O’Neill on their part issued Hold rating on January 07, 2016.