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

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

Horizon Bancorp has increased its dividend 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 37.9% meaning its dividend is sufficiently covered by earnings. Equities 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 during trading hours on Thursday, reaching $16.18. 173,045 shares of the company’s stock were exchanged, compared to its average volume of 162,074. Horizon Bancorp has a one year low of $11.18 and a one year high of $19.18. The stock has a market cap of $707.31 million, a PE ratio of 34.43 and a beta of 1.05. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.83. The firm has a fifty day moving average of $17.18 and a 200-day moving average of $15.25.

Horizon Bancorp (NASDAQ:HBNC) last announced its quarterly earnings results 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 company had revenue of $102.40 million during the quarter, compared to analyst estimates of $58.23 million. During the same quarter in the previous year, the business earned $0.37 EPS. On average, equities research analysts predict that Horizon Bancorp will post 1.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on HBNC. Hovde Group assumed coverage on Horizon Bancorp in a research report on Monday, September 30th. They issued an “outperform” rating and a $18.00 target price on the stock. StockNews.com raised Horizon Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Finally, Keefe, Bruyette & Woods lifted their price target 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.

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.