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

First Internet Bancorp (NASDAQ:INBK) declared a quarterly dividend on Saturday, December 28th,Wall Street Journal reports. Stockholders of record on Tuesday, December 31st will be paid a dividend of 0.06 per share by the bank on Wednesday, January 15th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date of this dividend is Tuesday, December 31st.

First Internet Bancorp has a dividend payout ratio of 5.7% meaning its dividend is sufficiently covered by earnings. Analysts expect First Internet Bancorp to earn $4.25 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 5.6%.

First Internet Bancorp Stock Down 2.3 %

Shares of First Internet Bancorp stock opened at $36.57 on Friday. First Internet Bancorp has a 1 year low of $23.05 and a 1 year high of $43.26. The company has a market cap of $316.99 million, a P/E ratio of 14.40 and a beta of 0.70. 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 stock has a 50-day moving average price of $39.04 and a 200 day moving average price of $35.00.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.80 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.01). The company had revenue of $87.02 million for the quarter, compared to analyst estimates of $32.50 million. First Internet Bancorp had a return on equity of 6.06% and a net margin of 6.92%. During the same quarter in the prior year, the business posted $0.39 earnings per share. As a group, analysts expect that First Internet Bancorp will post 3.07 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods increased their price objective on First Internet Bancorp from $41.00 to $45.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $43.63.

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.