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

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 paid 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 is Friday, April 4th.

Horizon Bancorp has increased 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

Shares of HBNC stock traded down $0.08 during trading hours on Thursday, reaching $15.61. 117,217 shares of the company traded hands, compared to its average volume of 157,262. The firm has a 50-day moving average price of $16.41 and a 200 day moving average price of $16.45. The company has a market cap of $682.39 million, a P/E ratio of 19.51 and a beta of 1.05. 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 has a 12-month low of $11.18 and a 12-month high of $19.18.

Horizon Bancorp (NASDAQ:HBNC) last posted its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 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%. As a group, sell-side analysts predict that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently issued reports on HBNC shares. Piper Sandler decreased their target price on shares of Horizon Bancorp from $20.00 to $19.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. Keefe, Bruyette & Woods upped their price objective on Horizon Bancorp from $17.00 to $19.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th.

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.