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

Horizon Bancorp, Inc. (NASDAQ:HBNC) declared a quarterly dividend on Tuesday, June 18th, Zacks reports. Shareholders of record on Friday, July 5th will be given a dividend of 0.16 per share by the financial services provider on Friday, July 19th. This represents a $0.64 annualized dividend and a dividend yield of 5.19%. The ex-dividend date is Friday, July 5th.

Horizon Bancorp has increased its dividend payment by an average of 10.1% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Horizon Bancorp has a payout ratio of 42.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Horizon Bancorp to earn $1.50 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 42.7%.

Horizon Bancorp Stock Down 2.3 %

Shares of NASDAQ HBNC opened at $12.32 on Thursday. The firm’s 50-day moving average price is $12.12 and its 200-day moving average price is $12.53. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 2.04. The stock has a market capitalization of $543.56 million, a price-to-earnings ratio of 22.81 and a beta of 1.05. Horizon Bancorp has a 12-month low of $9.22 and a 12-month high of $14.71.

Horizon Bancorp (NASDAQ:HBNC) last announced its earnings results on Wednesday, April 24th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.02. The firm had revenue of $53.22 million for the quarter, compared to analysts’ expectations of $53.90 million. Horizon Bancorp had a net margin of 7.02% and a return on equity of 8.71%. On average, equities research analysts anticipate that Horizon Bancorp will post 1.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on HBNC shares. StockNews.com upgraded shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, May 31st. Piper Sandler reduced their price objective on shares of Horizon Bancorp from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday, April 29th.

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.