Horizon Bancorp said on March 21, 2023 that its board of directors declared a regular quarterly dividend of $0.16 per share ($0.64 annualized). Previously, the company paid $0.16 per share.
Shares must be purchased before the ex-div date of April 5, 2023 to qualify for the dividend. Shareholders of record as of April 7, 2023 will receive the payment on April 21, 2023.
At the current share price of $11.07 / share, the stock's dividend yield is 5.78%. Looking back five years and taking a sample every week, the average dividend yield has been 3.12%, the lowest has been 1.85%, and the highest has been 5.89%. The standard deviation of yields is 0.87 (n=237).
The current dividend yield is 3.06 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.30. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.33%, demonstrating that it has increased its dividend over time.
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Analyst Price Forecast Suggests 60.33% Upside
As of March 27, 2023, the average one-year price target for Horizon Bancorp is $17.75. The forecasts range from a low of $16.16 to a high of $18.90. The average price target represents an increase of 60.33% from its latest reported closing price of $11.07.
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The projected annual revenue for Horizon Bancorp is $268MM, an increase of 9.14%. The projected annual non-GAAP EPS is $2.03.
What is the Fund Sentiment?
There are 359 funds or institutions reporting positions in Horizon Bancorp. This is a decrease of 3 owner(s) or 0.83% in the last quarter. Average portfolio weight of all funds dedicated to HBNC is 0.10%, a decrease of 4.16%. Total shares owned by institutions increased in the last three months by 3.38% to 31,332K shares. The put/call ratio of HBNC is 1.05, indicating a bearish outlook.
What are Large Shareholders Doing?
Janus Henderson Group holds 2,022K shares representing 4.64% ownership of the company. In it's prior filing, the firm reported owning 2,001K shares, representing an increase of 1.01%. The firm decreased its portfolio allocation in HBNC by 71.67% over the last quarter.
JSIVX - Janus Henderson Small Cap Value Fund Class L holds 1,949K shares representing 4.47% ownership of the company. In it's prior filing, the firm reported owning 1,929K shares, representing an increase of 1.03%. The firm decreased its portfolio allocation in HBNC by 18.66% over the last quarter.
PL Capital Advisors holds 1,715K shares representing 3.94% ownership of the company. In it's prior filing, the firm reported owning 2,054K shares, representing a decrease of 19.74%. The firm decreased its portfolio allocation in HBNC by 32.31% over the last quarter.
Manufacturers Life Insurance Company, The holds 1,228K shares representing 2.82% ownership of the company. In it's prior filing, the firm reported owning 1,271K shares, representing a decrease of 3.54%. The firm decreased its portfolio allocation in HBNC by 99.93% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,130K shares representing 2.59% ownership of the company. In it's prior filing, the firm reported owning 1,115K shares, representing an increase of 1.38%. The firm decreased its portfolio allocation in HBNC by 21.38% over the last quarter.
Horizon Bancorp Inc Background Information
(This description is provided by the company.)
Horizon Bancorp, Inc. is an independent, commercial bank holding company serving northern and central Indiana, and southern and central Michigan through its commercial banking subsidiary, Horizon Bank.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
