First Internet Bancorp (INBK) to Issue Quarterly Dividend of $0.06 on October 15th

First Internet Bancorp (NASDAQ:INBK) announced a quarterly dividend on Tuesday, September 17th, Zacks reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.06 per share by the bank on Tuesday, October 15th. This represents a $0.24 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date of this dividend is Monday, September 30th.

First Internet Bancorp has a dividend payout ratio of 5.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First Internet Bancorp to earn $4.14 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 5.8%.

First Internet Bancorp Price Performance

Shares of NASDAQ INBK opened at $33.04 on Friday. First Internet Bancorp has a twelve month low of $14.11 and a twelve month high of $39.46. The stock’s 50 day moving average price is $34.76 and its 200-day moving average price is $32.05. The company has a market capitalization of $285.99 million, a PE ratio of 17.39 and a beta of 0.66. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 1.83.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $0.72 EPS for the quarter, meeting the consensus estimate of $0.72. First Internet Bancorp had a return on equity of 5.23% and a net margin of 6.12%. The business had revenue of $81.99 million for the quarter, compared to the consensus estimate of $30.55 million. During the same quarter in the prior year, the business earned $0.44 earnings per share. On average, equities analysts anticipate that First Internet Bancorp will post 3 EPS for the current year.

Analyst Ratings Changes

INBK has been the topic of a number of analyst reports. Hovde Group boosted their target price on shares of First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Craig Hallum boosted their target price on shares of First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods boosted their target price on shares of First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a report on Friday, July 26th. Finally, Piper Sandler boosted their target price on shares of First Internet Bancorp from $30.00 to $40.50 and gave the company a “neutral” rating in a report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $42.88.

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.