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

First Internet Bancorp (NASDAQ:INBK) announced 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 annualized dividend and a yield of 0.86%. The ex-dividend date is Monday, March 31st.

First Internet Bancorp has a payout ratio of 4.7% meaning its dividend is sufficiently covered by earnings. 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 Stock Performance

NASDAQ INBK traded up $0.80 on Wednesday, hitting $28.00. 25,514 shares of the company’s stock traded hands, compared to its average volume of 44,029. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The firm has a market capitalization of $243.52 million, a PE ratio of 9.69 and a beta of 0.72. The firm’s 50-day moving average price is $31.64 and its two-hundred day moving average price is $35.14. First Internet Bancorp has a 1-year low of $24.18 and a 1-year high of $43.26.

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

Analyst Upgrades and Downgrades

INBK has been the subject of several recent research reports. StockNews.com raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a report on Wednesday. Piper Sandler cut their target price on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a report on Monday, January 27th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, First Internet Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $41.75.

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.