Horizon Bancorp Inc. (NASDAQ:HBNC), a state commercial bank headquartered in Indiana, has declared a quarterly dividend of $0.16 per share. This announcement was made today following the approval by the company's Board of Directors. The dividend is payable on July 19, 2024, to shareholders of record as of July 5, 2024.
Investors and shareholders of Horizon Bancorp can anticipate the receipt of the dividend in mid-July, which may contribute to their investment income. It is important for shareholders to note that to be eligible for the dividend payment, they must be on the company's books before the record date.
In other recent news, Horizon Bancorp Inc. has announced the appointment of John R. Stewart as its new Executive Vice President and Chief Financial Officer. Stewart, a seasoned Chartered Financial Analyst, is expected to leverage his broad financial experience to enhance Horizon's financial performance and strategic growth. This development comes as Horizon continues to focus on delivering banking and financial services to its regional customer base.
In related news, Piper Sandler has adjusted its outlook on Horizon Bancorp shares, reducing the price target due to slower-than-expected revenue growth and potential rate sensitivity. The firm also revised its earnings per share estimates for Horizon Bancorp for the years 2024 and 2025, reflecting expectations of reduced fee income and postponed growth in net interest income.
Lastly, Horizon Bancorp reported a solid start to 2024 in its latest earnings call. The company highlighted significant loan growth across various sectors and a strong financial outlook. Despite a decrease in overall commercial loan fee income, the bank's shift to high-quality loans increased asset yields, and executives expressed optimism for the upcoming quarters. These are the latest developments for Horizon Bancorp.
InvestingPro Insights
In light of Horizon Bancorp's recent dividend announcement, investors may find the following insights from InvestingPro particularly valuable. Horizon Bancorp has demonstrated a strong commitment to its shareholders by increasing its dividend for 8 consecutive years, signaling confidence in its financial stability and future earnings potential. Additionally, the company has maintained dividend payments for an impressive 38 consecutive years, which underscores its consistent performance and reliability as an income-generating investment.
While some analysts have revised their earnings expectations downwards for the upcoming period, it's important to note that Horizon Bancorp is still expected to be profitable this year, with net income projected to grow. This growth, coupled with a track record of profitability over the last twelve months, may reassure investors about the company's ability to sustain its dividend payments.
For those seeking more detailed analysis and additional insights, there are more InvestingPro Tips available for Horizon Bancorp. These can provide a deeper understanding of the company's financial health and assist in making informed investment decisions. To explore these further, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.