Horizon Bancorp, Inc. (HBNC) To Go Ex-Dividend on October 4th

Horizon Bancorp, Inc. (NASDAQ:HBNC) announced a quarterly dividend on Tuesday, September 17th, Zacks reports. Shareholders 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 annualized dividend and a yield of 4.29%. The ex-dividend date of this dividend is Friday, October 4th.

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 dividend payout ratio of 41.6% indicating that 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 Price Performance

Horizon Bancorp stock opened at $14.92 on Wednesday. The stock has a market cap of $658.21 million, a price-to-earnings ratio of 27.63 and a beta of 1.04. 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 firm has a 50-day moving average of $15.36 and a two-hundred day moving average of $13.40.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on HBNC. Hovde Group began coverage on shares of Horizon Bancorp in a research report on Monday. They issued an “outperform” rating and a $18.00 price target for the company. Piper Sandler upped their price target on shares of 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 boosted their price objective on shares of Horizon Bancorp from $14.00 to $16.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Finally, StockNews.com upgraded shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, September 23rd. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Horizon Bancorp presently has a consensus rating of “Hold” and a consensus price target of $16.00.

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.