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

First Internet Bancorp (NASDAQ:INBK) announced a quarterly dividend on Tuesday, September 17th, Zacks reports. Shareholders of record on Monday, September 30th will be given 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 0.67%. The ex-dividend date is Monday, September 30th.

First Internet Bancorp has a dividend payout ratio of 5.6% meaning its dividend is sufficiently covered by earnings. Equities 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

INBK stock opened at $35.60 on Thursday. The stock’s 50 day moving average price is $34.59 and its 200 day moving average price is $31.93. First Internet Bancorp has a 1 year low of $14.11 and a 1 year high of $39.46. The firm has a market cap of $308.15 million, a P/E ratio of 18.74 and a beta of 0.66. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.01 and a current ratio of 1.02.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $0.72 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.72. First Internet Bancorp had a return on equity of 5.23% and a net margin of 6.12%. The company had revenue of $81.99 million for the quarter, compared to analyst estimates of $30.55 million. During the same quarter in the prior year, the company posted $0.44 EPS. On average, sell-side analysts expect that First Internet Bancorp will post 3 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on INBK shares. Craig Hallum boosted their target price on First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods increased their price objective on shares of First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Piper Sandler lifted 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. Finally, Hovde Group upped their price target on shares of First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $42.88.

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.