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

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) announced a quarterly dividend on Tuesday, June 17th, Wall Street Journal reports. Investors of record on Thursday, July 3rd will be paid a dividend of 0.16 per share by the financial services provider on Friday, July 18th. This represents a $0.64 annualized dividend and a yield of 4.24%. The ex-dividend date is Thursday, July 3rd.

Horizon Bancorp (IN) has a payout ratio of 33.7% indicating that its dividend is sufficiently covered by earnings. Equities research 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 up $0.49 during midday trading on Monday, hitting $15.09. 151,090 shares of the company traded hands, compared to its average volume of 170,352. The business has a 50 day simple moving average of $14.76 and a two-hundred day simple moving average of $15.60. Horizon Bancorp has a 52-week low of $11.52 and a 52-week high of $19.18. The company has a market capitalization of $664.11 million, a price-to-earnings ratio of 14.79 and a beta of 0.85. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.15.

Horizon Bancorp (IN) (NASDAQ:HBNC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.14. Horizon Bancorp (IN) had a net margin of 12.27% and a return on equity of 9.56%. The firm had revenue of $69.17 million for the quarter, compared to analyst estimates of $64.52 million. On average, equities analysts forecast that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC grew its holdings in shares of Horizon Bancorp (IN) by 28.5% in the first quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider's stock valued at $2,269,000 after purchasing an additional 33,355 shares during the period. Jane Street Group LLC acquired a new position in Horizon Bancorp (IN) in the 1st quarter valued at about $1,231,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Horizon Bancorp (IN) by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider's stock valued at $388,000 after buying an additional 1,057 shares during the period. 64.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Wall Street Zen lowered Horizon Bancorp (IN) from a "buy" rating to a "hold" rating in a research note on Friday, June 6th. Piper Sandler decreased their price objective on Horizon Bancorp (IN) from $18.00 to $17.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Horizon Bancorp (IN) from $18.00 to $17.00 and set a "market perform" rating for the company in a report on Friday, April 25th.

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.