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

Horizon Bancorp, Inc. (NASDAQ:HBNC) declared a quarterly dividend on Thursday, December 19th,Wall Street Journal reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date of this dividend 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 raised its dividend annually for the last 13 consecutive years. Horizon Bancorp has a payout ratio of 37.9% meaning its dividend is sufficiently covered by earnings. Equities 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 stock traded down $0.09 during trading on Thursday, reaching $16.18. 173,045 shares of the company traded hands, compared to its average volume of 161,804. The business has a 50 day simple moving average of $17.18 and a 200 day simple moving average of $15.25. Horizon Bancorp has a 12 month low of $11.18 and a 12 month high of $19.18. 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 company has a market capitalization of $707.31 million, a price-to-earnings ratio of 34.43 and a beta of 1.05.

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

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Keefe, Bruyette & Woods increased their price objective on 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 assumed coverage on Horizon Bancorp in a research note on Monday, September 30th. They issued an “outperform” rating and a $18.00 price target 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.