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

Horizon Bancorp, Inc. (NASDAQ:HBNCGet Free Report) announced a quarterly dividend on Tuesday, March 19th, NASDAQ reports. Shareholders of record on Friday, April 5th will be given a dividend of 0.16 per share by the financial services provider on Friday, April 19th. This represents a $0.64 dividend on an annualized basis and a yield of 5.15%. The ex-dividend date of this dividend is Thursday, April 4th.

Horizon Bancorp has increased its dividend by an average of 10.1% per year over the last three years. Horizon Bancorp has a payout ratio of 41.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Horizon Bancorp to earn $1.52 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 42.1%.

Horizon Bancorp Price Performance

Shares of NASDAQ HBNC opened at $12.43 on Tuesday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.16. The firm’s 50-day moving average price is $12.52 and its 200-day moving average price is $11.94. The firm has a market capitalization of $548.29 million, a P/E ratio of 19.42 and a beta of 1.02. Horizon Bancorp has a 1-year low of $7.69 and a 1-year high of $14.71.

Horizon Bancorp (NASDAQ:HBNCGet Free Report) last posted its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. Horizon Bancorp had a return on equity of 9.42% and a net margin of 8.63%. The business had revenue of $21.81 million for the quarter, compared to the consensus estimate of $51.50 million. Equities research analysts anticipate that Horizon Bancorp will post 1.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Point72 Hong Kong Ltd bought a new position in shares of Horizon Bancorp in the first quarter valued at approximately $31,000. Royal Bank of Canada increased its holdings in Horizon Bancorp by 89.1% in the 2nd quarter. Royal Bank of Canada now owns 4,950 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 2,332 shares during the last quarter. Captrust Financial Advisors raised its position in shares of Horizon Bancorp by 53.9% in the first quarter. Captrust Financial Advisors now owns 3,399 shares of the financial services provider’s stock valued at $63,000 after purchasing an additional 1,191 shares during the period. Tower Research Capital LLC TRC raised its holdings in Horizon Bancorp by 352.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,838 shares of the financial services provider’s stock valued at $71,000 after acquiring an additional 5,327 shares during the period. Finally, Great West Life Assurance Co. Can raised its stake in shares of Horizon Bancorp by 31.5% during the 1st quarter. Great West Life Assurance Co. Can now owns 4,271 shares of the financial services provider’s stock valued at $83,000 after purchasing an additional 1,022 shares during the period. 64.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on HBNC. Stephens reaffirmed an “overweight” rating and issued a $12.00 price objective on shares of Horizon Bancorp in a research note on Wednesday, December 13th. StockNews.com lowered shares of Horizon Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, March 28th. Finally, Piper Sandler lifted their price target on Horizon Bancorp from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Wednesday, December 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $13.00.

Check Out Our Latest Stock Analysis on Horizon Bancorp

About Horizon Bancorp

(Get Free Report)

Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that provides a range of commercial and retail banking services. The company offers saving, money market, and time deposits, as well as non-interest and interest bearing demand deposits. It also provides commercial, residential real estate, mortgage warehouse, and consumer loans.

See Also

Dividend History for Horizon Bancorp (NASDAQ:HBNC)

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