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

Horizon Bancorp (IN) (NASDAQ:HBNC) announced a quarterly dividend on Friday, June 20th, Wall Street Journal reports. Investors of record on Thursday, July 3rd will be given 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 4.38%. 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 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 Performance

HBNC stock opened at $14.60 on Friday. The company has a market capitalization of $642.55 million, a P/E ratio of 14.31 and a beta of 0.85. The company has a 50-day simple moving average of $14.76 and a 200 day simple moving average of $15.64. Horizon Bancorp has a fifty-two week low of $11.52 and a fifty-two week 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 0.15.

Horizon Bancorp (IN) (NASDAQ:HBNC) 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 company had revenue of $69.17 million during the quarter, compared to the consensus estimate of $64.52 million. Sell-side analysts predict that Horizon Bancorp will post 1.78 earnings per share for the current fiscal year.

Institutional Trading of Horizon Bancorp (IN)

Several institutional investors and hedge funds have recently bought and sold shares of HBNC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Horizon Bancorp (IN) by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,722 shares of the financial services provider’s stock worth $388,000 after buying an additional 1,057 shares during the period. Empowered Funds LLC raised its holdings in Horizon Bancorp (IN) by 28.5% during the 1st quarter. Empowered Funds LLC now owns 150,435 shares of the financial services provider’s stock worth $2,269,000 after buying an additional 33,355 shares during the period. Finally, Jane Street Group LLC acquired a new stake in Horizon Bancorp (IN) during the 1st quarter worth about $1,231,000. Institutional investors and hedge funds own 64.51% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on HBNC shares. Keefe, Bruyette & Woods cut their price target 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. Piper Sandler cut their price target on shares of Horizon Bancorp (IN) from $18.00 to $17.00 and set a “neutral” rating for the company in a report on Monday, April 28th. Finally, Wall Street Zen downgraded shares of Horizon Bancorp (IN) from a “buy” rating to a “hold” rating in a report on Friday, June 6th.

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.