Horizon Bancorp, Inc. (NASDAQ:HBNC) Announces $0.16 Quarterly Dividend

Horizon Bancorp, Inc. (NASDAQ:HBNC) announced a quarterly dividend on Tuesday, September 17th, Zacks reports. Investors of record on Friday, October 4th will be paid a dividend of 0.16 per share by the financial services provider on Friday, October 18th. This represents a $0.64 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date is Friday, October 4th.

Horizon Bancorp has raised its dividend payment by an average of 10.1% per year over the last three years and has increased its dividend every year for the last 13 years. Horizon Bancorp has a payout ratio of 41.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Horizon Bancorp to earn $1.54 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 41.6%.

Horizon Bancorp Stock Performance

Shares of NASDAQ HBNC opened at $14.92 on Wednesday. The company’s fifty day moving average price is $15.36 and its 200 day moving average price is $13.40. Horizon Bancorp has a 1 year low of $9.22 and a 1 year high of $16.64. The company has a market capitalization of $658.21 million, a PE ratio of 27.63 and a beta of 1.04. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.88 and a current ratio of 0.88.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.01. The business had revenue of $97.47 million for the quarter, compared to the consensus estimate of $55.03 million. Horizon Bancorp had a net margin of 5.50% and a return on equity of 8.17%. During the same period last year, the firm posted $0.41 earnings per share. On average, research analysts predict that Horizon Bancorp will post 1.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on HBNC shares. Keefe, Bruyette & Woods increased their price objective on shares of Horizon Bancorp from $14.00 to $16.00 and gave the company a “market perform” rating in a report on Monday, July 29th. StockNews.com upgraded shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, September 23rd. Hovde Group began coverage on shares of Horizon Bancorp in a research report on Monday. They issued an “outperform” rating and a $18.00 target price for the company. Finally, Piper Sandler increased their target price on shares of Horizon Bancorp from $13.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $16.00.

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.