First Internet Bancorp (INBK) to Issue Quarterly Dividend of $0.06 on July 15th

First Internet Bancorp (NASDAQ:INBK) declared a quarterly dividend on Tuesday, June 18th, Zacks reports. Shareholders of record on Friday, June 28th will be paid a dividend of 0.06 per share by the bank on Monday, July 15th. This represents a $0.24 annualized dividend and a yield of 0.98%. The ex-dividend date is Friday, June 28th.

First Internet Bancorp has a payout ratio of 6.1% meaning its dividend is sufficiently covered by earnings. Analysts expect First Internet Bancorp to earn $3.94 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 6.1%.

First Internet Bancorp Stock Performance

Shares of INBK traded down $0.50 on Wednesday, reaching $24.52. 22,346 shares of the stock traded hands, compared to its average volume of 50,421. The firm has a market cap of $212.34 million, a price-to-earnings ratio of 12.74 and a beta of 0.69. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.02 and a quick ratio of 1.02. First Internet Bancorp has a 12 month low of $14.11 and a 12 month high of $35.72. The stock’s 50-day moving average price is $29.93 and its 200-day moving average price is $29.65.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. The company had revenue of $29.08 million for the quarter, compared to analyst estimates of $28.60 million. First Internet Bancorp had a return on equity of 4.64% and a net margin of 5.84%. Equities analysts forecast that First Internet Bancorp will post 3.1 EPS for the current fiscal year.

Wall Street Analyst Weigh In

INBK has been the subject of several recent research reports. Piper Sandler dropped their price objective on First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, April 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $36.00 price target (up from $34.00) on shares of First Internet Bancorp in a research note on Friday, April 26th. Finally, Hovde Group lowered their price target on First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $35.75.

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.