Short Interest in Horizon Bancorp Inc (NASDAQ:HBNC) Drops By 5.9%

Horizon Bancorp Inc (NASDAQ:HBNC) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 428,200 shares, a decline of 5.9% from the September 30th total of 454,900 shares. Based on an average daily trading volume, of 83,300 shares, the days-to-cover ratio is presently 5.1 days. Approximately 1.1% of the company’s shares are short sold.

Several institutional investors and hedge funds have recently modified their holdings of HBNC. Rhenman & Partners Asset Management AB acquired a new position in shares of Horizon Bancorp in the 2nd quarter valued at approximately $26,169,000. Nuveen Asset Management LLC bought a new stake in Horizon Bancorp in the 2nd quarter valued at approximately $3,343,000. BlackRock Inc. lifted its stake in Horizon Bancorp by 4.5% in the 2nd quarter. BlackRock Inc. now owns 2,309,500 shares of the financial services provider’s stock valued at $37,737,000 after acquiring an additional 99,403 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Horizon Bancorp by 6.4% in the 2nd quarter. Renaissance Technologies LLC now owns 1,101,104 shares of the financial services provider’s stock valued at $17,992,000 after acquiring an additional 66,595 shares in the last quarter. Finally, Natixis Advisors L.P. lifted its stake in Horizon Bancorp by 10.8% in the 2nd quarter. Natixis Advisors L.P. now owns 291,600 shares of the financial services provider’s stock valued at $4,765,000 after acquiring an additional 28,499 shares in the last quarter. Institutional investors and hedge funds own 46.71% of the company’s stock.

Shares of HBNC traded down $0.01 on Tuesday, hitting $18.50. The company’s stock had a trading volume of 880 shares, compared to its average volume of 91,025. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.89. The firm’s fifty day moving average price is $17.84 and its 200-day moving average price is $16.79. Horizon Bancorp has a fifty-two week low of $14.79 and a fifty-two week high of $19.14. The firm has a market capitalization of $837.34 million, a price-to-earnings ratio of 14.54 and a beta of 0.98.

Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.04. Horizon Bancorp had a return on equity of 10.74% and a net margin of 25.66%. The business had revenue of $54.98 million during the quarter, compared to analyst estimates of $53.55 million. As a group, equities analysts predict that Horizon Bancorp will post 1.61 earnings per share for the current fiscal year.

Several equities analysts have recently issued reports on the company. ValuEngine lowered Horizon Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, October 25th. BidaskClub lowered Horizon Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, November 9th. Finally, Zacks Investment Research upgraded Horizon Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 30th.

Horizon Bancorp Company Profile

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that provides commercial and retail banking services. The company offers demand and time deposits. Its loan portfolio comprises commercial, residential real estate, mortgage warehouse, and consumer loans. The company also provides corporate and individual trust and agency, investment management, and real estate investment trust services; and sells various insurance products.

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