Horizon Bancorp, Inc. (NASDAQ:HBNC) to Issue Quarterly Dividend of $0.16

Horizon Bancorp, Inc. (NASDAQ:HBNC) announced a quarterly dividend on Thursday, March 20th, Wall Street Journal reports. Stockholders of record on Friday, April 4th will be paid a dividend of 0.16 per share by the financial services provider on Friday, April 18th. This represents a $0.64 annualized dividend and a dividend yield of 4.10%. The ex-dividend date is Friday, April 4th.

Horizon Bancorp has increased its dividend payment by an average of 4.6% annually over the last three years. Horizon Bancorp has a dividend payout ratio of 33.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Horizon Bancorp to earn $1.88 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 34.0%.

Horizon Bancorp Stock Down 0.5 %

HBNC stock traded down $0.08 during trading on Thursday, hitting $15.61. 117,217 shares of the company’s stock traded hands, compared to its average volume of 157,262. The firm has a market capitalization of $682.39 million, a P/E ratio of 19.51 and a beta of 1.05. Horizon Bancorp has a 1 year low of $11.18 and a 1 year high of $19.18. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.83. The business has a fifty day simple moving average of $16.41 and a two-hundred day simple moving average of $16.45.

Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). Horizon Bancorp had a net margin of 9.86% and a return on equity of 8.48%. Sell-side analysts anticipate that Horizon Bancorp will post 1.78 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on HBNC shares. Keefe, Bruyette & Woods boosted their target price on shares of Horizon Bancorp from $17.00 to $19.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Piper Sandler decreased their target price on shares of Horizon Bancorp from $20.00 to $19.00 and set a “neutral” rating for the company in a research report on Monday, January 27th.

About Horizon Bancorp

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.