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

Key Points

• Horizon Bancorp declared a quarterly dividend of $0.16 per share, payable October 16 to shareholders of record October 2. The annualized dividend is $0.64 per share, yielding approximately 3.3%.
• The dividend appears well covered, with a current payout ratio of 33.7% and an expected future payout ratio of 29.1%, based on projected earnings of $2.20 per share next year.
• Horizon Bancorp shares rose 0.8% to $19.64, while the company’s latest quarterly earnings of $0.49 per share fell short of analyst expectations of $0.51.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) 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 is Friday, October 2nd.

Horizon Bancorp (IN) has increased its dividend payment by an average of 0.1%per year over the last three years. Horizon Bancorp (IN) has a dividend payout ratio of 33.7% meaning 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) Stock Up 0.8%

Shares of Horizon Bancorp (IN) stock traded up $0.15 during trading on Thursday, hitting $19.64. 184,470 shares of the stock were exchanged, compared to its average volume of 464,109. The firm's 50-day moving average price is $20.03 and its 200 day moving average price is $18.69. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of -6.22 and a beta of 0.81. Horizon Bancorp has a 12-month low of $14.97 and a 12-month high of $21.04.

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

Insider Activity at Horizon Bancorp (IN)

In related news, EVP Kathie DeRuiter sold 8,000 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $20.19, for a total value of $161,520.00. Following the completion of the transaction, the executive vice president directly owned 50,346 shares in the company, valued at approximately $1,016,485.74. This represents a 13.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.19% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of HBNC. Bayview Asset Management LLC lifted its position in shares of Horizon Bancorp (IN) by 0.7% during the 4th quarter. Bayview Asset Management LLC now owns 95,462 shares of the financial services provider's stock valued at $1,619,000 after acquiring an additional 645 shares during the period. EverSource Wealth Advisors LLC raised its position in Horizon Bancorp (IN) by 65.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,666 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 660 shares in the last quarter. Royal Bank of Canada lifted its stake in Horizon Bancorp (IN) by 93.5% during the first quarter. Royal Bank of Canada now owns 2,873 shares of the financial services provider's stock worth $48,000 after purchasing an additional 1,388 shares during the last quarter. Allworth Financial LP acquired a new stake in shares of Horizon Bancorp (IN) in the 2nd quarter valued at $31,000. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Horizon Bancorp (IN) in the 2nd quarter valued at $52,000. 64.51% of the stock is currently owned by institutional investors.

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.

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