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

First Internet Bancorp (NASDAQ:INBK) announced a quarterly dividend on Tuesday, September 17th, Zacks reports. Investors 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 annualized dividend and a dividend yield of 0.73%. The ex-dividend date is Monday, September 30th.

First Internet Bancorp has a payout ratio of 5.6% indicating that its dividend is sufficiently covered by earnings. 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 Trading Down 1.1 %

Shares of INBK opened at $33.04 on Friday. The stock’s 50-day moving average price is $34.71 and its 200 day moving average price is $32.06. 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 has a 12-month low of $14.11 and a 12-month high of $39.46. The firm has a market capitalization of $285.99 million, a price-to-earnings ratio of 17.39 and a beta of 0.66.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $0.72 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.72. The business had revenue of $81.99 million for the quarter, compared to analysts’ expectations of $30.55 million. First Internet Bancorp had a return on equity of 5.23% and a net margin of 6.12%. During the same period in the previous year, the business posted $0.44 earnings per share. As a group, research analysts predict that First Internet Bancorp will post 3 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on INBK. Craig Hallum increased their price objective on shares of First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Piper Sandler increased their price target on shares of First Internet Bancorp from $30.00 to $40.50 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Hovde Group lifted their price objective on First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, Keefe, Bruyette & Woods increased their target price on First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus 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.