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

First Internet Bancorp (NASDAQ:INBK - Get Free Report) announced a quarterly dividend on Wednesday, December 18th,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 0.64%. The ex-dividend date of this dividend is Tuesday, December 31st.

First Internet Bancorp has a payout ratio of 5.7% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Performance

NASDAQ:INBK traded down $2.66 during midday trading on Wednesday, reaching $37.38. The stock had a trading volume of 43,520 shares, compared to its average volume of 48,892. The stock has a market capitalization of $324.01 million, a P/E 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. 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 firm's fifty day simple moving average is $38.91 and its 200-day simple moving average is $34.56.

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

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lifted their price target 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 research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $43.63.

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.