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MICHIGAN CITY, IN—Craig M. Dwight, a director at Horizon Bancorp Inc. (NASDAQ:HBNC), recently sold 10,000 shares of the company’s common stock. The sale, executed on February 19, 2025, was completed at a weighted-average price of $17.14 per share, resulting in a total transaction value of $171,400.
Following this transaction, Dwight retains direct ownership of 463,139 shares. Additionally, through an indirect ownership via a thrift plan, he holds 53,464 shares. The sale was part of multiple transactions with prices ranging from $17.13 to $17.16 per share. Dwight has committed to providing further details on the number of shares sold at each price upon request. InvestingPro analysis shows the stock currently trades at a P/E ratio of 35.4x, suggesting a premium valuation compared to peers.
Horizon Bancorp, headquartered in Michigan City, Indiana, operates as a state commercial bank, providing a range of financial services. The $747 million market cap institution boasts a 3.73% dividend yield and has maintained dividend payments for 39 consecutive years. According to InvestingPro’s Fair Value analysis, the stock appears slightly overvalued at current levels. Subscribers can access detailed financial health metrics and 6 additional ProTips in the comprehensive Pro Research Report available for HBNC, one of 1,400+ US stocks covered in-depth on the platform.
In other recent news, Horizon Bancorp reported a significant earnings miss for Q3 2024, with a loss per share of $0.25 compared to the anticipated profit of $0.40. Revenue also fell short, coming in at $24.17 million against the expected $62.61 million. Despite these setbacks, the company noted a 10% annualized growth in average loans and a slight expansion in net interest margin. Horizon Bancorp is taking strategic steps, including launching an equipment financing division and planning to sell $325 million in securities. The company is also considering the potential sale of its mortgage warehouse business. Looking ahead, Horizon Bancorp expects net interest margin expansion of 15-20 basis points in Q4 2024. Analysts have not provided any recent upgrades or downgrades for the company.
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