Horizon Bancorp (IN) Plans 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) announced a quarterly dividend on Tuesday, September 16th. Stockholders 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) dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, October 3rd.

Horizon Bancorp (IN) has a dividend payout ratio of 33.7% meaning its dividend is sufficiently covered by earnings. 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) Stock Down 1.4%

Horizon Bancorp (IN) stock traded down $0.23 during trading hours on Monday, hitting $16.27. The stock had a trading volume of 283,179 shares, compared to its average volume of 217,679. The stock's 50-day moving average price is $16.01 and its 200-day moving average price is $15.30. The stock has a market capitalization of $717.51 million, a P/E ratio of 13.91 and a beta of 0.86. Horizon Bancorp has a 12-month low of $12.70 and a 12-month high of $19.18. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.14.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.03. The company 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%. Equities research analysts anticipate that Horizon Bancorp will post 1.78 EPS for the current fiscal year.

Hedge Funds Weigh In On Horizon Bancorp (IN)

Institutional investors have recently bought and sold shares of the stock. Nuveen LLC purchased a new position in Horizon Bancorp (IN) during the first quarter valued at $5,296,000. BlackBarn Capital Partners LP purchased a new position in shares of Horizon Bancorp (IN) during the 1st quarter valued at about $4,524,000. CSM Advisors LLC bought a new position in shares of Horizon Bancorp (IN) during the 2nd quarter valued at approximately $3,479,000. Vanguard Group Inc. increased its holdings in Horizon Bancorp (IN) by 5.8% in the 1st quarter. Vanguard Group Inc. now owns 2,594,577 shares of the financial services provider's stock worth $39,126,000 after acquiring an additional 142,298 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its stake in Horizon Bancorp (IN) by 23.5% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 576,510 shares of the financial services provider's stock worth $8,694,000 after acquiring an additional 109,580 shares during the period. 64.51% of the stock is owned by institutional investors.

Horizon Bancorp (IN) 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.