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

First Internet Bancorp (NASDAQ:INBK - Get Free Report) declared a quarterly dividend on Saturday, March 22nd, Wall Street Journal reports. Shareholders of record on Monday, March 31st will be given a dividend of 0.06 per share by the bank on Tuesday, April 15th. This represents a $0.24 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date is Monday, March 31st.

First Internet Bancorp has a dividend payout ratio of 4.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First Internet Bancorp to earn $4.95 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 4.8%.

First Internet Bancorp Trading Down 0.9 %

First Internet Bancorp stock traded down $0.25 during trading hours on Friday, reaching $27.56. 42,630 shares of the company's stock traded hands, compared to its average volume of 43,850. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. First Internet Bancorp has a fifty-two week low of $24.18 and a fifty-two week high of $43.26. The firm has a market capitalization of $239.69 million, a price-to-earnings ratio of 9.54 and a beta of 0.72. The firm's 50 day moving average is $31.32 and its 200-day moving average is $34.97.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. On average, analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current year.

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Analyst Ratings Changes

A number of analysts recently weighed in on the stock. StockNews.com upgraded shares of First Internet Bancorp from a "hold" rating to a "buy" rating in a research report on Wednesday. Piper Sandler cut their price target on shares of First Internet Bancorp from $42.50 to $38.00 and set a "neutral" rating on the stock in a research report on Monday, January 27th. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $40.00 price target (down from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, First Internet Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $41.75.

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.