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

Horizon Bancorp, Inc. (NASDAQ:HBNC) declared a quarterly dividend on Tuesday, June 18th, Zacks reports. Investors 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 5.15%. The ex-dividend date of this dividend is Friday, July 5th.

Horizon Bancorp has raised its dividend by an average of 10.1% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Horizon Bancorp has a payout ratio of 42.4% meaning its dividend is sufficiently covered by earnings. Equities 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

Shares of Horizon Bancorp stock traded down $0.19 during trading on Wednesday, hitting $12.42. The stock had a trading volume of 20,063 shares, compared to its average volume of 156,772. The business has a fifty day moving average of $12.11 and a two-hundred day moving average of $12.53. The firm has a market cap of $547.92 million, a P/E ratio of 23.22 and a beta of 1.05. Horizon Bancorp has a fifty-two week low of $9.22 and a fifty-two week high of $14.71. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.87 and a quick ratio of 0.87.

Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.02. The company had revenue of $53.22 million during the quarter, compared to the consensus estimate of $53.90 million. Horizon Bancorp had a net margin of 7.02% and a return on equity of 8.71%. On average, sell-side analysts expect that Horizon Bancorp will post 1.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Piper Sandler cut their target price 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. StockNews.com upgraded Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 31st.

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.