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

First Internet Bancorp (NASDAQ:INBK) declared a quarterly dividend on Tuesday, June 16th. Investors of record on Tuesday, June 30th will be paid a dividend of 0.06 per share by the bank on Wednesday, July 15th. This represents a c) dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Tuesday, June 30th.

First Internet Bancorp has a dividend payout ratio of 4.9% meaning its dividend is sufficiently covered by earnings. Analysts expect First Internet Bancorp to earn $4.43 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 5.4%.

First Internet Bancorp Stock Up 0.4%

Shares of NASDAQ INBK opened at $25.79 on Wednesday. The company has a 50 day simple moving average of $23.98 and a 200 day simple moving average of $21.96. The firm has a market cap of $224.89 million, a PE ratio of -6.70 and a beta of 0.85. First Internet Bancorp has a 1 year low of $17.05 and a 1 year high of $28.51. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.88 and a quick ratio of 0.87.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Thursday, April 30th. The bank reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.21. The business had revenue of $43.12 million during the quarter, compared to analyst estimates of $45.67 million. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. On average, research analysts forecast that First Internet Bancorp will post 1.98 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on INBK shares. Zacks Research upgraded shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Piper Sandler raised their price objective on shares of First Internet Bancorp from $23.50 to $24.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a report on Friday, March 27th. Wall Street Zen upgraded shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Finally, Keefe, Bruyette & Woods raised their price target on shares of First Internet Bancorp from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, First Internet Bancorp has an average rating of “Hold” and a consensus target price of $25.67.

First Internet Bancorp Company Profile

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).