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

First Internet Bancorp (NASDAQ:INBK) announced a quarterly dividend on Wednesday, March 19th, Wall Street Journal reports. Stockholders of record on Monday, March 31st will be given 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 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% indicating that 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 Price Performance

Shares of First Internet Bancorp stock traded up $0.80 during trading hours on Wednesday, reaching $28.00. 25,514 shares of the company’s stock were exchanged, compared to its average volume of 44,029. First Internet Bancorp has a 1 year low of $24.18 and a 1 year high of $43.26. The company has a market capitalization of $243.52 million, a P/E ratio of 9.69 and a beta of 0.72. The business has a fifty day moving average of $31.64 and a two-hundred day moving average of $35.14. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) 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, research analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently issued reports on INBK. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $40.00 target price (down previously from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. StockNews.com raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, Piper Sandler lowered 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. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock 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.