Horizon Bancorp, Inc. (HBNC) to Issue Quarterly Dividend of $0.16 on January 17th

Horizon Bancorp, Inc. (NASDAQ:HBNC) announced a quarterly dividend on Tuesday, December 17th,Wall Street Journal reports. Shareholders of record on Friday, January 3rd will be given 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 is Friday, January 3rd.

Horizon Bancorp has increased its dividend payment 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 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 Stock Down 0.6 %

HBNC traded down $0.09 during trading hours on Thursday, hitting $16.18. 173,045 shares of the company’s stock were exchanged, compared to its average volume of 162,074. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.83. Horizon Bancorp has a 12-month low of $11.18 and a 12-month high of $19.18. The firm has a market cap of $707.31 million, a P/E ratio of 34.43 and a beta of 1.05. The firm has a 50 day moving average of $17.18 and a 200 day moving average of $15.25.

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, beating analysts’ consensus estimates of $0.37 by $0.04. The company had revenue of $102.40 million during the quarter, compared to analysts’ expectations 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 business earned $0.37 earnings per share. Analysts predict that Horizon Bancorp will post 1.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

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.