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

First Internet Bancorp (NASDAQ:INBK) declared a quarterly dividend on Wednesday, March 19th, Wall Street Journal reports. Shareholders 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 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend is Monday, March 31st.

First Internet Bancorp has a payout ratio of 4.7% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Price Performance

Shares of INBK stock opened at $28.00 on Thursday. The firm’s 50 day moving average price is $31.53 and its two-hundred day moving average price is $35.09. The stock has a market cap of $243.52 million, a PE ratio of 9.69 and a beta of 0.72. First Internet Bancorp has a 52-week low of $24.18 and a 52-week high of $43.26. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99.

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

Analyst Ratings Changes

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

About First Internet Bancorp

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.