Bank holding company Horizon Bancorp, Inc. (HBNC) has hiked its quarterly dividend by 15.4% to $0.15 per share from the previous dividend of $0.13. Following the news, shares of the company gained 1.8% to close at $16.93 on Wednesday.
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The dividend will be paid on October 22, 2021, to shareholders of record as of October 8, 2021. The company’s annual dividend of $0.60 per share now reflects a dividend yield of 3.5% based on Wednesday’s closing price.
The CEO of Horizon Bancorp, Craig M. Dwight, said, “This will be the company’s second dividend increase of 2021 and its ninth over the last 10 years, reflecting the strength and profitability of our business, and further enhancing what we believe is the compelling value proposition presented by Horizon’s recent share price” (See Horizon stock chart on TipRanks)
Last month, Raymond James analyst David Long reiterated a Buy rating on the stock with a price target of $21, which implies upside potential of 24% from current levels.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 2 unanimous Buys. The average Horizon Bancorp price target of $21 implies that the stock has upside potential of 24% from current levels.
Horizon Bancorp scores an 8 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 77.5% over the past year.
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