Horizon Technology Finance Corp (NASDAQ:HRZN) declared a monthly dividend on Friday, July 31st, Wall Street Journal reports. Stockholders of record on Wednesday, November 18th will be paid a dividend of 0.10 per share by the investment management company on Tuesday, December 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 10.24%. The ex-dividend date is Tuesday, November 17th.
Horizon Technology Finance has decreased its dividend by an average of 12.1% annually over the last three years. Horizon Technology Finance has a payout ratio of 104.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Horizon Technology Finance to earn $1.23 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 97.6%.
Shares of HRZN opened at $11.72 on Friday. The stock’s fifty day moving average is $11.27 and its 200-day moving average is $10.91. The firm has a market capitalization of $201.99 million, a price-to-earnings ratio of 7.74 and a beta of 1.08. Horizon Technology Finance has a one year low of $4.51 and a one year high of $13.78.
Horizon Technology Finance (NASDAQ:HRZN) last released its earnings results on Tuesday, July 28th. The investment management company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.12. The firm had revenue of $13.52 million for the quarter, compared to analyst estimates of $11.08 million. Horizon Technology Finance had a return on equity of 12.43% and a net margin of 39.91%. On average, research analysts expect that Horizon Technology Finance will post 1.13 earnings per share for the current fiscal year.
In other news, CEO Robert D. Jr. Pomeroy purchased 10,000 shares of Horizon Technology Finance stock in a transaction dated Thursday, June 4th. The stock was acquired at an average cost of $11.69 per share, for a total transaction of $116,900.00. Also, President Gerald A. Michaud acquired 14,900 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was bought at an average cost of $11.70 per share, for a total transaction of $174,330.00. Company insiders own 1.60% of the company’s stock.
A number of research firms recently issued reports on HRZN. B. Riley lifted their target price on Horizon Technology Finance from $8.50 to $9.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. ValuEngine lowered Horizon Technology Finance from a “sell” rating to a “strong sell” rating in a report on Friday, May 1st. Maxim Group reaffirmed a “buy” rating and set a $12.00 target price on shares of Horizon Technology Finance in a report on Tuesday, May 5th. Aegis decreased their price target on Horizon Technology Finance from $13.20 to $10.50 and set a “buy” rating for the company in a research report on Thursday, April 30th. Finally, Zacks Investment Research upgraded Horizon Technology Finance from a “sell” rating to a “hold” rating in a research report on Wednesday, July 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $11.00.
About Horizon Technology Finance
Horizon Technology Finance Corporation is a business development company specializing in lending and and investing in development-stage investments. It focuses on making secured debt and venture lending investments to venture capital backed companies in the technology, life science, healthcare information and services, and cleantech industries.
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