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

Horizon Bancorp, Inc. (NASDAQ:HBNC) declared a quarterly dividend on Tuesday, December 17th,Wall Street Journal reports. Stockholders 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 dividend yield of 3.97%. The ex-dividend date is Friday, January 3rd.

Horizon Bancorp has increased its dividend 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 37.9% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Up 0.3 %

Shares of NASDAQ HBNC opened at $16.11 on Wednesday. The stock has a fifty day moving average price of $17.33 and a 200 day moving average price of $15.56. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.83. Horizon Bancorp has a 12-month low of $11.18 and a 12-month high of $19.18. The company has a market cap of $704.25 million, a P/E ratio of 34.28 and a beta of 1.05.

Horizon Bancorp (NASDAQ:HBNC) last posted its earnings results on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. The business had revenue of $102.40 million during the quarter, compared to analyst estimates of $58.23 million. Horizon Bancorp had a return on equity of 8.27% and a net margin of 5.89%. During the same quarter last year, the firm earned $0.37 earnings per share. Research analysts anticipate that Horizon Bancorp will post 1.4 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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.