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

Horizon Bancorp, Inc. (NASDAQ:HBNC) announced a quarterly dividend on Tuesday, June 18th, Zacks reports. Investors of record on Friday, July 5th will be given a dividend of 0.16 per share by the financial services provider on Friday, July 19th. This represents a $0.64 dividend on an annualized basis and a yield of 5.11%. The ex-dividend date of this dividend is Friday, July 5th.

Horizon Bancorp has raised its dividend by an average of 10.1% per year over the last three years and has increased its dividend every year for the last 13 years. Horizon Bancorp has a dividend payout ratio of 42.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Horizon Bancorp to earn $1.50 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 42.7%.

Horizon Bancorp Price Performance

Horizon Bancorp stock traded down $0.09 during trading on Wednesday, reaching $12.52. The company had a trading volume of 13,533 shares, compared to its average volume of 156,744. The firm’s 50-day simple moving average is $12.11 and its 200 day simple moving average is $12.53. Horizon Bancorp has a 1-year low of $9.22 and a 1-year high of $14.71. The firm has a market capitalization of $552.33 million, a PE ratio of 23.22 and a beta of 1.05. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.87 and a current ratio of 0.87.

Horizon Bancorp (NASDAQ:HBNC) last released its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.02. The firm had revenue of $53.22 million for the quarter, compared to analysts’ expectations of $53.90 million. Horizon Bancorp had a net margin of 7.02% and a return on equity of 8.71%. As a group, equities research analysts anticipate that Horizon Bancorp will post 1.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. StockNews.com upgraded Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 31st. Piper Sandler decreased their price objective on Horizon Bancorp from $14.00 to $13.00 and set a “neutral” rating on the stock in a report on Monday, April 29th.

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.