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

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 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 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% 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 Stock Down 6.6 %

Shares of NASDAQ:INBK opened at $37.38 on Thursday. First Internet Bancorp has a 1 year low of $23.04 and a 1 year high of $43.26. The business has a fifty day moving average price of $38.91 and a two-hundred day moving average price of $34.56. 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 has a market capitalization of $324.01 million, a PE ratio of 14.72 and a beta of 0.70.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Wednesday, October 23rd. The bank reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.01). The firm had revenue of $87.02 million during the quarter, compared to analysts’ expectations of $32.50 million. First Internet Bancorp had a return on equity of 6.06% and a net margin of 6.92%. During the same period in the prior year, the business earned $0.39 earnings per share. Analysts forecast that First Internet Bancorp will post 3.07 earnings per share for the current year.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods increased 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 research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, First Internet Bancorp 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.