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

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 annualized dividend and a yield of 4.29%. The ex-dividend date of this dividend 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 dividend payout ratio of 41.6% meaning its dividend is sufficiently covered by earnings. Research 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 stock opened at $14.92 on Wednesday. Horizon Bancorp has a 1-year low of $9.22 and a 1-year high of $16.64. The company has a 50-day moving average of $15.36 and a two-hundred day moving average of $13.40. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market cap of $658.21 million, a PE ratio of 27.63 and a beta of 1.04.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.32 EPS for the quarter, topping the consensus estimate of $0.31 by $0.01. The business had revenue of $97.47 million for the quarter, compared to analyst estimates 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 firm earned $0.41 EPS. On average, analysts predict that Horizon Bancorp will post 1.38 EPS for the current year.

Analysts Set New Price Targets

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