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

Horizon Bancorp, Inc. (NASDAQ:HBNC) announced a quarterly dividend on Tuesday, September 17th, Zacks reports. Shareholders of record on Friday, October 4th will be given 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 4.31%. The ex-dividend date is Friday, October 4th.

Horizon Bancorp has raised its dividend by an average of 10.1% annually over the last three years and has increased its dividend every year for the last 13 years. Horizon Bancorp has a dividend payout ratio of 41.6% indicating that its dividend is sufficiently covered by earnings. 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 Down 0.5 %

Shares of NASDAQ HBNC opened at $14.84 on Thursday. The company’s 50 day moving average price is $15.35 and its 200-day moving average price is $13.41. 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 has a 52-week low of $9.22 and a 52-week high of $16.64. The company has a market capitalization of $654.68 million, a P/E ratio of 27.48 and a beta of 1.04.

Horizon Bancorp (NASDAQ:HBNC) last released its earnings results 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. Horizon Bancorp had a net margin of 5.50% and a return on equity of 8.17%. The business had revenue of $97.47 million for the quarter, compared to analyst estimates of $55.03 million. During the same quarter in the previous year, the business earned $0.41 earnings per share. Equities analysts forecast that Horizon Bancorp will post 1.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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.