Horizon Bancorp (IN) (NASDAQ:HBNC) Plans $0.16 Quarterly Dividend

Horizon Bancorp (IN) (NASDAQ:HBNC) announced a quarterly dividend on Tuesday, March 17th. Shareholders of record on Friday, April 3rd will be paid a dividend of 0.16 per share by the financial services provider on Friday, April 17th. This represents a c) annualized dividend and a yield of 4.0%. The ex-dividend date is Thursday, April 2nd.

Horizon Bancorp (IN) has increased its dividend by an average of 0.1%annually over the last three years. Horizon Bancorp (IN) has a dividend payout ratio of 33.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Horizon Bancorp (IN) 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 (IN) Price Performance

Shares of NASDAQ HBNC traded up $0.29 during mid-day trading on Thursday, hitting $15.86. 235,802 shares of the stock were exchanged, compared to its average volume of 374,397. The company has a market cap of $812.65 million, a P/E ratio of -5.05 and a beta of 0.82. The stock’s fifty day simple moving average is $17.35 and its two-hundred day simple moving average is $16.83. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.91 and a current ratio of 0.95. Horizon Bancorp has a twelve month low of $12.70 and a twelve month high of $19.07.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its earnings results on Wednesday, January 21st. The financial services provider reported $0.53 EPS for the quarter, topping the consensus estimate of $0.50 by $0.03. The business had revenue of $64.53 million for the quarter, compared to the consensus estimate of $74.35 million. Horizon Bancorp (IN) had a positive return on equity of 11.77% and a negative net margin of 37.12%. As a group, analysts forecast that Horizon Bancorp will post 1.78 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on HBNC. Keefe, Bruyette & Woods boosted their price objective on Horizon Bancorp (IN) from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, January 23rd. Weiss Ratings restated a “sell (d)” rating on shares of Horizon Bancorp (IN) in a research note on Monday, December 29th. Finally, Zacks Research cut Horizon Bancorp (IN) from a “hold” rating to a “strong sell” rating in a report on Monday, February 2nd. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $20.33.

Horizon Bancorp (IN) Company Profile

Horizon Bancorp (NASDAQ: HBNC) is a financial holding company headquartered in Columbus, Indiana, offering community banking and wealth management services through its subsidiary, Horizon Bank. As a locally focused institution, it provides a full range of retail and commercial banking products, including checking and savings accounts, consumer and mortgage lending, commercial real estate financing, and treasury management solutions.

In addition to traditional deposit and loan products, Horizon Bancorp’s services encompass investment advisory and trust administration, retirement planning, and insurance products.