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

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

Horizon Bancorp has raised 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% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Price Performance

Shares of NASDAQ HBNC traded down $0.08 during midday trading on Thursday, reaching $15.61. The stock had a trading volume of 117,217 shares, compared to its average volume of 157,262. The company has a market capitalization of $682.39 million, a price-to-earnings ratio of 19.51 and a beta of 1.05. Horizon Bancorp has a 12-month low of $11.18 and a 12-month high of $19.18. The stock has a 50-day moving average of $16.41 and a 200-day moving average of $16.45. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.88 and a current ratio of 0.88.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods upped 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 dropped their price objective on shares of Horizon Bancorp from $20.00 to $19.00 and set a “neutral” rating for the company in a report on Monday, January 27th.

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.