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

Horizon Bancorp, Inc. (NASDAQ:HBNC - Get Free Report) declared a quarterly dividend on Tuesday, March 18th, Wall Street Journal reports. Investors 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 4.07%. The ex-dividend date of this dividend is Friday, April 4th.

Horizon Bancorp has raised its dividend by an average of 4.6% per year over the last three years. Horizon Bancorp has a dividend payout ratio of 33.7% meaning its dividend is sufficiently covered by earnings. Equities 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 Trading Up 2.8 %

NASDAQ HBNC traded up $0.43 during trading on Monday, hitting $15.71. The stock had a trading volume of 135,180 shares, compared to its average volume of 157,974. Horizon Bancorp has a one year low of $11.18 and a one year high of $19.18. The stock has a 50 day simple moving average of $16.41 and a 200 day simple moving average of $16.45. The stock has a market capitalization of $691.48 million, a price-to-earnings ratio of 19.64 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.

Horizon Bancorp (NASDAQ:HBNC - Get Free Report) last issued its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.39 by ($0.03). Horizon Bancorp had a return on equity of 8.48% and a net margin of 9.86%. Sell-side analysts predict that Horizon Bancorp will post 1.78 earnings per share for the current year.

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Analysts Set New Price Targets

Several research analysts recently commented on HBNC shares. Piper Sandler reduced 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 note on Monday, January 27th. Keefe, Bruyette & Woods raised 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.

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.