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

Horizon Bancorp, Inc. (NASDAQ:HBNC) declared a quarterly dividend on Tuesday, March 18th, Wall Street Journal reports. Stockholders of record on Friday, April 4th will be given a dividend of 0.16 per share by the financial services provider on Friday, April 18th. This represents a $0.64 annualized dividend and a dividend yield of 4.10%. The ex-dividend date of this dividend is Friday, April 4th.

Horizon Bancorp has raised its dividend payment by an average of 4.6% per year over the last three years. Horizon Bancorp has a dividend payout ratio of 33.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Horizon Bancorp to earn $1.88 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 34.0%.

Horizon Bancorp Stock Performance

HBNC stock traded down $0.08 during midday trading on Thursday, hitting $15.61. 117,217 shares of the stock traded hands, compared to its average volume of 157,262. The stock’s fifty day simple moving average is $16.41 and its 200-day simple moving average is $16.45. The firm has a market cap of $682.39 million, a P/E ratio of 19.51 and a beta of 1.05. Horizon Bancorp has a 1-year low of $11.18 and a 1-year high of $19.18. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.88 and a quick ratio of 0.88.

Horizon Bancorp (NASDAQ:HBNC) last announced its earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). Horizon Bancorp had a net margin of 9.86% and a return on equity of 8.48%. On average, analysts expect that Horizon Bancorp will post 1.78 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on HBNC shares. Keefe, Bruyette & Woods boosted their price target on shares of Horizon Bancorp from $17.00 to $19.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler dropped their price target on Horizon Bancorp from $20.00 to $19.00 and set a “neutral” rating for the company in a research report on Monday, January 27th.

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.