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

Horizon Bancorp, Inc. (NASDAQ:HBNC) announced a quarterly dividend on Tuesday, September 17th, Zacks reports. Shareholders of record on Friday, October 4th will be paid a dividend of 0.16 per share by the financial services provider on Friday, October 18th. This represents a $0.64 annualized dividend and a yield of 4.29%. The ex-dividend date is Friday, October 4th.

Horizon Bancorp has increased its dividend payment 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 dividend payout ratio of 41.6% indicating that its dividend is sufficiently covered by earnings. Research 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 Price Performance

Shares of NASDAQ HBNC opened at $14.92 on Wednesday. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market cap of $658.21 million, a PE ratio of 27.63 and a beta of 1.04. The business has a 50-day simple moving average of $15.36 and a two-hundred day simple moving average of $13.40. Horizon Bancorp has a fifty-two week low of $9.22 and a fifty-two week high of $16.64.

Horizon Bancorp (NASDAQ:HBNC) last released its earnings results on Wednesday, July 24th. The financial services provider reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. Horizon Bancorp had a return on equity of 8.17% and a net margin of 5.50%. The firm had revenue of $97.47 million during the quarter, compared to the consensus estimate of $55.03 million. During the same quarter in the previous year, the company posted $0.41 earnings per share. As a group, equities analysts expect that Horizon Bancorp will post 1.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.