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

First Internet Bancorp (NASDAQ:INBK) announced a quarterly dividend on Wednesday, December 18th,Wall Street Journal reports. Shareholders of record on Tuesday, December 31st will be given a dividend of 0.06 per share by the bank on Wednesday, January 15th. This represents a $0.24 annualized dividend and a yield of 0.64%. The ex-dividend date is Tuesday, December 31st.

First Internet Bancorp has a 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 Price Performance

INBK stock opened at $37.38 on Thursday. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The company’s 50-day moving average is $38.91 and its 200-day moving average is $34.56. The stock has a market capitalization of $324.01 million, a PE ratio of 14.72 and a beta of 0.70. First Internet Bancorp has a 1 year low of $23.04 and a 1 year high of $43.26.

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

Analyst Ratings Changes

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