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

Horizon Bancorp, Inc. (NASDAQ:HBNC) announced a quarterly dividend on Tuesday, December 17th,Wall Street Journal reports. Shareholders of record on Friday, January 3rd will be paid a dividend of 0.16 per share by the financial services provider on Friday, January 17th. This represents a $0.64 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date is Friday, January 3rd.

Horizon Bancorp has increased its dividend by an average of 10.1% annually over the last three years and has raised its dividend every year for the last 13 years. Horizon Bancorp has a payout ratio of 37.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Horizon Bancorp to earn $1.66 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 38.6%.

Horizon Bancorp Trading Down 0.6 %

Shares of HBNC stock traded down $0.09 during mid-day trading on Thursday, hitting $16.18. The company’s stock had a trading volume of 173,045 shares, compared to its average volume of 162,074. The company has a market cap of $707.31 million, a PE ratio of 34.43 and a beta of 1.05. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.88 and a current ratio of 0.88. The company’s fifty day simple moving average is $17.18 and its 200-day simple moving average is $15.25. Horizon Bancorp has a 52 week low of $11.18 and a 52 week high of $19.18.

Horizon Bancorp (NASDAQ:HBNC) last issued its earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. Horizon Bancorp had a return on equity of 8.27% and a net margin of 5.89%. The business had revenue of $102.40 million during the quarter, compared to the consensus estimate of $58.23 million. During the same period in the previous year, the company posted $0.37 earnings per share. As a group, equities research analysts expect that Horizon Bancorp will post 1.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on HBNC. Hovde Group started coverage on shares of Horizon Bancorp in a research report on Monday, September 30th. They set an “outperform” rating and a $18.00 target price on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Horizon Bancorp from $17.00 to $19.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Finally, StockNews.com raised shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, November 1st.

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.