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

First Internet Bancorp (NASDAQ:INBK) declared a quarterly dividend on Saturday, March 22nd, Wall Street Journal reports. Shareholders 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 annualized dividend and a yield of 0.87%. The ex-dividend date is Monday, March 31st.

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

Shares of INBK stock opened at $27.56 on Monday. The stock has a 50 day moving average price of $31.32 and a 200 day moving average price of $34.97. First Internet Bancorp has a 52-week low of $24.18 and a 52-week high of $43.26. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The firm has a market capitalization of $239.69 million, a P/E ratio of 9.54 and a beta of 0.72.

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

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on INBK shares. Piper Sandler cut their price objective 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. StockNews.com raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a report on Wednesday, March 19th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $40.00 price objective (down previously from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, First Internet Bancorp has an average rating of “Moderate Buy” and a consensus target price 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.