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

Horizon Bancorp, Inc. (NASDAQ:HBNC) declared a quarterly dividend on Tuesday, June 18th, Zacks reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 5.19%. The ex-dividend date of this dividend is Friday, July 5th.

Horizon Bancorp has raised 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 payout ratio of 42.4% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

Horizon Bancorp stock opened at $12.32 on Thursday. Horizon Bancorp has a one year low of $9.22 and a one year high of $14.71. The business has a fifty day moving average price of $12.12 and a 200-day moving average price of $12.53. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $543.56 million, a P/E ratio of 22.81 and a beta of 1.05.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.02. Horizon Bancorp had a return on equity of 8.71% and a net margin of 7.02%. The firm had revenue of $53.22 million during the quarter, compared to analyst estimates of $53.90 million. As a group, equities research analysts forecast that Horizon Bancorp will post 1.31 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.