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

First Internet Bancorp (NASDAQ:INBK) declared a quarterly dividend on Saturday, December 28th,Wall Street Journal reports. Investors of record on Tuesday, December 31st will be given a dividend of 0.06 per share by the bank on Wednesday, January 15th. This represents a $0.24 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend is Tuesday, December 31st.

First Internet Bancorp has a dividend payout ratio of 5.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect First Internet Bancorp to earn $4.25 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 5.6%.

First Internet Bancorp Price Performance

NASDAQ INBK opened at $36.57 on Friday. The company has a 50-day moving average price of $39.04 and a two-hundred day moving average price of $35.00. First Internet Bancorp has a 52 week low of $23.05 and a 52 week high of $43.26. The stock has a market cap of $316.99 million, a price-to-earnings ratio of 14.40 and a beta of 0.70. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, October 23rd. The bank reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.01). The business had revenue of $87.02 million for the quarter, compared to the consensus estimate of $32.50 million. First Internet Bancorp had a net margin of 6.92% and a return on equity of 6.06%. During the same period in the previous year, the firm earned $0.39 EPS. Analysts forecast that First Internet Bancorp will post 3.07 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods boosted their price target on shares of First Internet Bancorp from $41.00 to $45.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, First Internet Bancorp has an average rating of “Hold” and a consensus price target of $43.63.

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.