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

Key Points

• Horizon Bancorp (IN) declared a quarterly dividend of $0.16, payable to shareholders on October 17th, with an ex-dividend date of October 3rd.
• The company's dividend payout ratio is 33.7%, suggesting that the dividend is well-covered by earnings, with an expected future payout ratio of 34.0%.
• Horizon Bancorp's stock is currently priced at $16.64 with a market capitalization of approximately $733.82 million and a P/E ratio of 14.22.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) declared a quarterly dividend on Tuesday, September 16th. Shareholders of record on Friday, October 3rd will be given a dividend of 0.16 per share by the financial services provider on Friday, October 17th. This represents a c) annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Friday, October 3rd.

Horizon Bancorp (IN) has a payout ratio of 33.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Horizon Bancorp (IN) 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 (IN) Price Performance

HBNC traded down $0.34 during trading on Friday, reaching $16.50. The stock had a trading volume of 635,786 shares, compared to its average volume of 414,445. The business has a 50-day moving average of $16.01 and a 200-day moving average of $15.30. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.76 and a current ratio of 0.76. Horizon Bancorp has a one year low of $12.70 and a one year high of $19.18. The stock has a market cap of $727.65 million, a PE ratio of 14.10 and a beta of 0.86.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.03. The business had revenue of $66.27 million during the quarter, compared to the consensus estimate of $66.45 million. Horizon Bancorp (IN) had a net margin of 13.84% and a return on equity of 10.21%. As a group, equities research analysts anticipate that Horizon Bancorp will post 1.78 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on HBNC. Stephens lifted their price objective on shares of Horizon Bancorp (IN) from $19.00 to $22.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Wall Street Zen cut shares of Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Piper Sandler lifted their price objective on shares of Horizon Bancorp (IN) from $17.00 to $18.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Finally, Keefe, Bruyette & Woods raised shares of Horizon Bancorp (IN) from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $18.00 to $19.00 in a research note on Tuesday, August 26th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Horizon Bancorp (IN) has an average rating of "Moderate Buy" and an average target price of $19.25.

About Horizon Bancorp (IN)

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.