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

Horizon Bancorp, Inc. (NASDAQ:HBNC) declared a quarterly dividend on Tuesday, September 17th, Zacks reports. Stockholders of record on Friday, October 4th will be given 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 dividend yield of 4.31%. The ex-dividend date of this dividend is Friday, October 4th.

Horizon Bancorp has raised 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 dividend payout ratio of 41.6% indicating that its dividend is sufficiently covered by earnings. 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 0.5 %

Shares of Horizon Bancorp stock opened at $14.84 on Thursday. The company has a market capitalization of $654.68 million, a P/E ratio of 27.48 and a beta of 1.04. The stock has a fifty day simple moving average of $15.35 and a 200 day simple moving average of $13.41. Horizon Bancorp has a 12-month low of $9.22 and a 12-month high of $16.64. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 2.02.

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on HBNC shares. Hovde Group began coverage on Horizon Bancorp in a research note on Monday. They issued an “outperform” rating and a $18.00 target price on the stock. StockNews.com raised Horizon Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, September 23rd. Keefe, Bruyette & Woods raised their target price 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, Piper Sandler boosted their price target on shares of Horizon Bancorp from $13.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently 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.