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

First Internet Bancorp (NASDAQ:INBK) declared a quarterly dividend on Monday, December 21st, Zacks reports. Investors of record on Thursday, December 31st will be given a dividend of 0.06 per share by the bank on Friday, January 15th. This represents a $0.24 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend is Wednesday, December 30th.

First Internet Bancorp has a dividend payout ratio of 8.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect First Internet Bancorp to earn $3.23 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 7.4%.

INBK stock opened at $28.78 on Tuesday. First Internet Bancorp has a 52 week low of $10.47 and a 52 week high of $29.74. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 1.84. The company has a fifty day simple moving average of $27.08 and a two-hundred day simple moving average of $19.16. The firm has a market capitalization of $282.07 million, a P/E ratio of 11.07 and a beta of 0.79.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Wednesday, October 21st. The bank reported $1.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.63. First Internet Bancorp had a net margin of 14.96% and a return on equity of 8.77%. The business had revenue of $28.73 million during the quarter, compared to analyst estimates of $21.83 million. As a group, analysts anticipate that First Internet Bancorp will post 2.83 EPS for the current year.

In other news, CEO David B. Becker acquired 10,000 shares of the business’s stock in a transaction dated Thursday, December 17th. The shares were purchased at an average price of $27.93 per share, with a total value of $279,300.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 6.50% of the stock is owned by insiders.

Several equities analysts have commented on the stock. Janney Montgomery Scott lowered shares of First Internet Bancorp from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 10th. Zacks Investment Research upgraded shares of First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $26.00 price objective for the company in a report on Thursday, October 29th. Piper Sandler lifted their price objective on shares of First Internet Bancorp from $19.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, October 26th. Finally, ValuEngine downgraded shares of First Internet Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday, October 29th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $28.75.

About First Internet Bancorp

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The company offers savings and money market accounts, non-interest bearing and interest-bearing demand deposits, brokered deposit accounts, and certificates of deposit.

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Dividend History for First Internet Bancorp (NASDAQ:INBK)

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