Horizon Bancorp, Inc. (HBNC) to Issue Quarterly Dividend of $0.16 on July 19th

Horizon Bancorp, Inc. (NASDAQ:HBNC) declared a quarterly dividend on Tuesday, June 18th, Zacks reports. Stockholders 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 dividend yield of 5.11%. The ex-dividend date is Friday, July 5th.

Horizon Bancorp has raised its dividend by an average of 10.1% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Horizon Bancorp has a payout ratio of 42.4% indicating that its dividend is sufficiently covered by earnings. Research 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

Shares of NASDAQ:HBNC traded down $0.09 during trading on Wednesday, reaching $12.52. The stock had a trading volume of 13,533 shares, compared to its average volume of 156,744. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.87 and a quick ratio of 0.87. The business’s 50-day moving average price is $12.11 and its 200 day moving average price is $12.53. Horizon Bancorp has a 52 week low of $9.22 and a 52 week high of $14.71. The stock has a market capitalization of $552.33 million, a PE ratio of 23.22 and a beta of 1.05.

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

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Piper Sandler dropped their target price on shares of Horizon Bancorp from $14.00 to $13.00 and set a “neutral” rating for the company in a research report on Monday, April 29th. StockNews.com raised shares of Horizon Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 31st.

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.