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

Horizon Bancorp, Inc. (NASDAQ:HBNC) announced a quarterly dividend on Tuesday, March 18th, Wall Street Journal reports. Shareholders 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 yield of 4.23%. The ex-dividend date is Friday, April 4th.

Horizon Bancorp has raised its dividend payment by an average of 4.6% per year over the last three years. Horizon Bancorp has a payout ratio of 33.7% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

NASDAQ:HBNC opened at $15.12 on Wednesday. Horizon Bancorp has a 52-week low of $11.18 and a 52-week high of $19.18. The company has a market cap of $665.51 million, a P/E ratio of 18.90 and a beta of 1.05. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.88 and a current ratio of 0.88. The stock’s 50-day simple moving average is $16.37 and its 200 day simple moving average is $16.44.

Horizon Bancorp (NASDAQ:HBNC) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 earnings per share for the quarter, missing the consensus estimate 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 forecast that Horizon Bancorp will post 1.78 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

HBNC has been the topic of a number of recent research reports. Piper Sandler lowered their price target 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 increased their target price on shares of Horizon Bancorp from $17.00 to $19.00 and gave the stock 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.