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

First Internet Bancorp (NASDAQ:INBK) declared a quarterly dividend on Tuesday, September 17th, Zacks reports. Investors of record on Monday, September 30th will be paid 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 of this dividend 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 Stock Performance

First Internet Bancorp stock opened at $35.60 on Thursday. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 1.83. The stock has a 50 day moving average of $34.59 and a 200-day moving average of $31.93. The stock has a market cap of $308.15 million, a P/E ratio of 18.74 and a beta of 0.66. First Internet Bancorp has a 52 week low of $14.11 and a 52 week high of $39.46.

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

Analyst Ratings Changes

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