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 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date is Friday, October 4th.

Horizon Bancorp has raised its dividend payment by an average of 10.1% per year over the last three years and has raised its dividend every year for the last 13 years. Horizon Bancorp has a payout ratio of 41.6% meaning its dividend is sufficiently covered by earnings. Equities 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 Trading Down 4.1 %

Shares of HBNC opened at $14.92 on Wednesday. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.88 and a quick ratio of 0.88. Horizon Bancorp has a 1 year low of $9.22 and a 1 year high of $16.64. The company has a 50 day simple moving average of $15.36 and a two-hundred day simple moving average of $13.40. The firm has a market cap of $658.21 million, a P/E ratio of 27.63 and a beta of 1.04.

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Piper Sandler raised their price target on Horizon Bancorp from $13.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods increased their target price on Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Hovde Group started coverage on Horizon Bancorp in a research note on Monday. They set an “outperform” rating and a $18.00 price target on the stock. Finally, StockNews.com upgraded Horizon Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, September 23rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $16.00.

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.