Horizon Bancorp (IN) (NASDAQ:HBNC) to Issue Quarterly Dividend of $0.16

Horizon Bancorp (IN) (NASDAQ:HBNC) announced a quarterly dividend on Tuesday, September 15th. Shareholders of record on Friday, October 2nd will be given a dividend of 0.16 per share by the financial services provider on Friday, October 16th. This represents a c) annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Friday, October 2nd.

Horizon Bancorp (IN) has raised its dividend payment by an average of 0.1%annually over the last three years. Horizon Bancorp (IN) has a dividend payout ratio of 33.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Horizon Bancorp (IN) to earn $2.20 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 29.1%.

Horizon Bancorp (IN) Trading Up 0.6%

HBNC stock traded up $0.12 during midday trading on Thursday, reaching $19.61. 193,107 shares of the company’s stock traded hands, compared to its average volume of 464,150. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.92 and a quick ratio of 0.92. Horizon Bancorp has a fifty-two week low of $14.97 and a fifty-two week high of $21.04. The business has a 50-day moving average price of $20.03 and a two-hundred day moving average price of $18.69. The company has a market capitalization of $1.01 billion, a P/E ratio of -6.21 and a beta of 0.81.

Horizon Bancorp (IN) (NASDAQ:HBNC) last announced its earnings results on Wednesday, July 22nd. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.02). The firm had revenue of $75.50 million during the quarter, compared to analysts’ expectations of $76.56 million. Horizon Bancorp (IN) had a negative net margin of 36.38% and a positive return on equity of 13.31%. Equities research analysts forecast that Horizon Bancorp will post 2.07 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on HBNC. Keefe, Bruyette & Woods increased their price objective on Horizon Bancorp (IN) from $21.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Piper Sandler reiterated a “neutral” rating and set a $23.00 price target (up from $21.00) on shares of Horizon Bancorp (IN) in a research report on Friday, July 24th. Stephens reaffirmed an “overweight” rating and set a $21.00 target price on shares of Horizon Bancorp (IN) in a research note on Wednesday, July 1st. Weiss Ratings raised shares of Horizon Bancorp (IN) from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, September 3rd. Finally, Wall Street Zen upgraded shares of Horizon Bancorp (IN) from a “hold” rating to a “buy” rating in a report on Sunday, August 16th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $22.33.

About Horizon Bancorp (IN)

Horizon Bancorp, Inc is a bank holding company headquartered in Michigan City, Indiana. Through its principal subsidiary, Horizon Bank, the company provides a range of banking and financial services to individuals, families, businesses and municipal customers.

Horizon Bank offers deposit accounts, consumer and commercial lending, residential mortgage loans, credit and debit cards, online and mobile banking, cash-management services and other treasury-management solutions. Its business banking activities include commercial real estate financing, commercial and industrial loans, small-business services and agricultural lending in selected markets.

Founded in 1873, Horizon has a long history of serving communities in the Midwest.