Horizon Bancorp Inc (NASDAQ:HBNC) announced a quarterly dividend on Monday, June 15th, Wall Street Journal reports. Investors of record on Friday, July 3rd will be paid a dividend of 0.12 per share by the financial services provider on Friday, July 17th. This represents a $0.48 dividend on an annualized basis and a yield of 4.64%. The ex-dividend date is Wednesday, July 1st.
Horizon Bancorp has increased its dividend by an average of 456.9% per year over the last three years and has raised its dividend every year for the last 6 years. Horizon Bancorp has a dividend payout ratio of 40.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Horizon Bancorp to earn $1.05 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 45.7%.
Shares of Horizon Bancorp stock opened at $10.35 on Tuesday. The business’s 50 day simple moving average is $10.19 and its 200 day simple moving average is $13.58. Horizon Bancorp has a 52-week low of $7.42 and a 52-week high of $19.48. The firm has a market cap of $425.47 million, a PE ratio of 6.90 and a beta of 1.30. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.97 and a current ratio of 0.97.
Horizon Bancorp (NASDAQ:HBNC) last announced its earnings results on Wednesday, April 29th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.04). Horizon Bancorp had a net margin of 25.81% and a return on equity of 10.68%. The firm had revenue of $52.99 million during the quarter, compared to analyst estimates of $52.18 million. As a group, equities research analysts predict that Horizon Bancorp will post 1.22 EPS for the current year.
Several research firms have weighed in on HBNC. BidaskClub raised Horizon Bancorp from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 10th. Piper Sandler boosted their price target on Horizon Bancorp from $14.00 to $14.50 and gave the stock an “overweight” rating in a research report on Monday, May 4th. TheStreet lowered Horizon Bancorp from a “b-” rating to a “c+” rating in a research report on Tuesday, March 10th. ValuEngine lowered Horizon Bancorp from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Finally, Zacks Investment Research lowered Horizon Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, May 4th. Three equities research analysts have rated the stock with a sell rating and one has assigned a buy rating to the stock. Horizon Bancorp presently has an average rating of “Hold” and a consensus target price of $14.50.
Horizon Bancorp Company Profile
Horizon Bancorp, Inc operates as the bank holding company for Horizon Bank that provides commercial and retail banking services. The company offers demand and time deposits. Its loan portfolio comprises commercial, residential real estate, mortgage warehouse, and consumer loans. The company also provides corporate and individual trust and agency, investment management, and real estate investment trust services; and sells various insurance products.
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