First Internet Bancorp to Issue Quarterly Dividend of $0.06 (NASDAQ:INBK)

First Internet Bancorp (NASDAQ:INBK) announced a quarterly dividend on Wednesday, March 19th, Wall Street Journal reports. Investors of record on Monday, March 31st will be paid a dividend of 0.06 per share by the bank on Tuesday, April 15th. This represents a $0.24 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend is Monday, March 31st.

First Internet Bancorp has a dividend payout ratio of 4.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First Internet Bancorp to earn $4.95 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 4.8%.

First Internet Bancorp Stock Performance

Shares of INBK stock opened at $28.00 on Thursday. The company has a market capitalization of $243.52 million, a price-to-earnings ratio of 9.69 and a beta of 0.72. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The company has a 50-day simple moving average of $31.53 and a 200 day simple moving average of $35.09. First Internet Bancorp has a 52 week low of $24.18 and a 52 week high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, January 22nd. The bank reported $0.41 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. On average, sell-side analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Piper Sandler cut their price objective on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a report on Monday, January 27th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Finally, StockNews.com upgraded shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, First Internet Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $41.75.

First Internet Bancorp Company Profile

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.