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

First Internet Bancorp (NASDAQ:INBK) declared a quarterly dividend on Tuesday, September 17th, Zacks reports. Stockholders of record on Monday, September 30th will be given 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 dividend yield of 0.73%. The ex-dividend date is Monday, September 30th.

First Internet Bancorp has a dividend payout ratio of 5.6% meaning its dividend is sufficiently covered by earnings. Equities 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

Shares of INBK stock opened at $33.04 on Friday. The firm has a market cap of $285.99 million, a P/E ratio of 17.39 and a beta of 0.66. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.02 and a quick ratio of 1.01. First Internet Bancorp has a fifty-two week low of $14.11 and a fifty-two week high of $39.46. The stock’s 50-day moving average is $34.71 and its two-hundred day moving average is $32.06.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $0.72 earnings per share for the quarter, meeting the consensus estimate of $0.72. The firm had revenue of $81.99 million for the quarter, compared to analyst estimates of $30.55 million. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.23%. During the same quarter last year, the firm earned $0.44 earnings per share. Analysts predict that First Internet Bancorp will post 3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Craig Hallum lifted their price objective on shares of First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods boosted their price target on First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Hovde Group increased their price objective on First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, Piper Sandler boosted their target price on First Internet Bancorp from $30.00 to $40.50 and gave the stock a “neutral” rating in a report on Monday, July 29th. 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, the company currently has an average rating of “Hold” and an average price target 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.