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

Horizon Bancorp, Inc. (NASDAQ:HBNC) announced a quarterly dividend on Thursday, December 19th,Wall Street Journal reports. Stockholders of record on Friday, January 3rd will be paid a dividend of 0.16 per share by the financial services provider on Friday, January 17th. This represents a $0.64 annualized dividend and a dividend yield of 3.96%. The ex-dividend date is Friday, January 3rd.

Horizon Bancorp has raised its dividend payment by an average of 10.1% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. Horizon Bancorp has a payout ratio of 37.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Horizon Bancorp to earn $1.66 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 38.6%.

Horizon Bancorp Price Performance

NASDAQ:HBNC traded down $0.09 on Thursday, reaching $16.18. 173,045 shares of the company’s stock traded hands, compared to its average volume of 161,804. The firm has a market cap of $707.31 million, a PE ratio of 34.43 and a beta of 1.05. 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 stock has a 50-day simple moving average of $17.18 and a 200-day simple moving average of $15.25. Horizon Bancorp has a 12 month low of $11.18 and a 12 month high of $19.18.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.04. Horizon Bancorp had a net margin of 5.89% and a return on equity of 8.27%. The firm had revenue of $102.40 million for the quarter, compared to analysts’ expectations of $58.23 million. During the same quarter last year, the business posted $0.37 earnings per share. Equities research analysts forecast that Horizon Bancorp will post 1.4 earnings per share for the current year.

Analyst Ratings Changes

HBNC has been the subject of a number of recent research reports. Hovde Group assumed coverage on Horizon Bancorp in a report on Monday, September 30th. They issued an “outperform” rating and a $18.00 target price for the company. Keefe, Bruyette & Woods boosted their price objective on shares of Horizon Bancorp from $17.00 to $19.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, StockNews.com upgraded shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Friday, November 1st.

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.