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

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 0.92%. The ex-dividend date is Friday, June 28th.

First Internet Bancorp has a payout ratio of 6.1% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Up 2.5 %

Shares of NASDAQ:INBK traded up $0.63 on Thursday, reaching $26.20. The company had a trading volume of 1,353 shares, compared to its average volume of 50,462. First Internet Bancorp has a 52-week low of $14.11 and a 52-week high of $35.72. The firm’s 50 day simple moving average is $29.82 and its 200-day simple moving average is $29.62. The firm has a market capitalization of $226.89 million, a PE ratio of 13.46 and a beta of 0.69. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.85.

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

Wall Street Analyst Weigh In

A number of research firms recently commented on INBK. Hovde Group lowered their target price on shares of 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. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $36.00 target price (up previously from $34.00) on shares of First Internet Bancorp in a research note on Friday, April 26th. Finally, Piper Sandler dropped their price target on First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating on the stock in a research note on Monday, April 29th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $35.75.

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.