Horizon Bancorp, Inc. (NASDAQ:HBNC – Get Rating) declared a quarterly dividend on Friday, September 23, reports The Wall Street Journal. Shareholders of record on Friday, October 7 will receive a dividend of 0.16 per share from the financial services provider on Friday, October 21. This represents an annualized dividend of $0.64 and a yield of 3.40%. The ex-date of this dividend is Thursday, October 6.

Horizon Bancorp has increased its dividend by an average of 11.9% per year over the past three years and has increased its dividend every year for the past 11 years. Horizon Bancorp has a dividend payout ratio of 25.3%, indicating that its dividend is sufficiently covered by earnings. Equity research analysts expect Horizon Bancorp to earn $2.44 per share next year, meaning the company should continue to be able to cover its $0.64 annual dividend. with an expected future payout ratio of 26.2%.

Horizon Bancorp Price Performance

Shares of HBNC traded down $0.45 on Friday, hitting $18.81. 155,000 shares of shares traded in hands, compared to its average volume of 137,028. The company has a leverage ratio of 1.63, a current ratio of 0.69 and a quick ratio of 0.69. Horizon Bancorp has a 52 week minimum of $16.53 and a 52 week maximum of $23.80. The company has a 50-day simple moving average of $19.10 and a two-hundred-day simple moving average of $18.49. The company has a market capitalization of $819.61 million, a price-earnings ratio of 9.08 and a beta of 1.06.

Horizon Bancorp Inc (NASDAQ:HBNC – Get Rating) last released its quarterly results on Wednesday, July 27. The financial services provider reported EPS of $0.56 for the quarter, beating consensus analyst estimates of $0.50 by $0.06. The company posted revenue of $65.44 million for the quarter, compared to $62.97 million expected by analysts. Horizon Bancorp had a return on equity of 13.65% and a net margin of 34.40%. During the same period last year, the company earned earnings per share of $0.51. As a group, equity research analysts expect Horizon Bancorp to post earnings per share of 2.31 for the current fiscal year.

Analysts set new price targets

Several research analysts have weighed in on the company. StockNews.com upgraded Horizon Bancorp from a “hold” rating to a “buy” rating in a Thursday, July 28 research rating. Stephens raised his price target on Horizon Bancorp shares to $25.50 in a Tuesday, August 23 research note. Finally, Raymond James moved shares of Horizon Bancorp from a “strong buy” rating to an “outperform” rating and lowered his price target for the stock from $23.00 to $22.00 in a research note from Thursday July 7th.

Institutional entries and exits

Hedge funds have recently been buying and selling shares of the company. Point72 Hong Kong Ltd purchased a new stake in shares of Horizon Bancorp during Q1 for a value of approximately $31,000. Captrust Financial Advisors increased its position in Horizon Bancorp shares by 53.9% during the first quarter. Captrust Financial Advisors now owns 3,399 shares of the financial services provider worth $63,000 after buying 1,191 additional shares in the last quarter. Great West Life Assurance Co. Can increased its stake in Horizon Bancorp shares by 31.5% during the first quarter. Great West Life Assurance Co. Can now owns 4,271 shares of the financial services provider valued at $83,000 after purchasing an additional 1,022 shares during the period. Quantbot Technologies LP bought a new position in shares of Horizon Bancorp in the first quarter for a value of approximately $136,000. Finally, Acadian Asset Management LLC bought a new position in shares of Horizon Bancorp in the first quarter worth approximately $191,000. Institutional investors hold 56.49% of the company’s shares.

Horizon Bancorp Company Profile

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Horizon Bancorp, Inc operates as a bank holding company for Horizon Bank which provides a range of commercial and retail banking services. The company offers various deposits. It also offers commercial and residential real estate, mortgage warehouse and consumer loans. In addition, the Company provides corporate and individual trust and agency services, investment management and real estate investment trust; and sells various insurance products.

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