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

Horizon Bancorp, Inc. (NASDAQ:HBNC) declared a quarterly dividend on Tuesday, December 17th,Wall Street Journal reports. Investors of record on Friday, January 3rd will be paid a dividend of 0.16 per share by the financial services provider on Friday, January 17th. This represents a $0.64 annualized dividend and a yield of 3.96%. The ex-dividend date of this dividend is Friday, January 3rd.

Horizon Bancorp has raised its dividend payment by an average of 10.1% per year over the last three years and has raised its dividend every year for the last 13 years. Horizon Bancorp has a dividend payout ratio of 37.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Horizon Bancorp to earn $1.66 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 38.6%.

Horizon Bancorp Price Performance

Shares of NASDAQ HBNC traded down $0.09 during midday trading on Thursday, reaching $16.18. 173,045 shares of the company were exchanged, compared to its average volume of 162,074. The stock’s 50-day moving average price is $17.18 and its 200-day moving average price is $15.25. The stock has a market cap of $707.31 million, a P/E ratio of 34.43 and a beta of 1.05. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.83. Horizon Bancorp has a one year low of $11.18 and a one year high of $19.18.

Horizon Bancorp (NASDAQ:HBNC) last issued its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. The business had revenue of $102.40 million for the quarter, compared to analyst estimates of $58.23 million. Horizon Bancorp had a return on equity of 8.27% and a net margin of 5.89%. During the same quarter in the previous year, the company posted $0.37 EPS. On average, sell-side analysts anticipate that Horizon Bancorp will post 1.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on HBNC shares. StockNews.com upgraded shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Hovde Group initiated coverage on shares of Horizon Bancorp in a research note on Monday, September 30th. They set an “outperform” rating and a $18.00 price target for the company. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Horizon Bancorp from $17.00 to $19.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

Horizon Bancorp Company Profile

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.