First Internet Bancorp (INBK) To Go Ex-Dividend on September 29th

First Internet Bancorp (NASDAQ:INBKGet Rating) declared a quarterly dividend on Tuesday, September 20th, Zacks reports. Stockholders of record on Friday, September 30th will be paid a dividend of 0.06 per share by the bank on Monday, October 17th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date of this dividend is Thursday, September 29th.

First Internet Bancorp has a payout ratio of 4.6% meaning its dividend is sufficiently covered by earnings. Analysts expect First Internet Bancorp to earn $5.20 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 4.6%.

First Internet Bancorp Stock Performance

INBK stock traded down $0.56 during trading on Thursday, reaching $35.47. 1 shares of the stock were exchanged, compared to its average volume of 24,059. The stock has a 50 day simple moving average of $36.62 and a 200-day simple moving average of $38.69. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 1.56. First Internet Bancorp has a twelve month low of $29.15 and a twelve month high of $53.56. The company has a market capitalization of $333.77 million, a P/E ratio of 7.85 and a beta of 0.63.

First Internet Bancorp (NASDAQ:INBKGet Rating) last issued its earnings results on Wednesday, July 20th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.04). First Internet Bancorp had a return on equity of 12.89% and a net margin of 27.30%. The firm had revenue of $29.99 million during the quarter, compared to the consensus estimate of $31.05 million. During the same period last year, the business earned $1.11 earnings per share. As a group, sell-side analysts anticipate that First Internet Bancorp will post 4.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

INBK has been the topic of a number of analyst reports. StockNews.com raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday. TheStreet raised First Internet Bancorp from a “c” rating to a “b-” rating in a report on Monday, June 6th. Finally, Piper Sandler cut their target price on First Internet Bancorp to $43.00 in a research report on Friday, July 22nd. Four analysts have rated the stock with a buy rating, According to MarketBeat.com, First Internet Bancorp has an average rating of “Buy” and a consensus price target of $55.00.

Institutional Investors Weigh In On First Internet Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its holdings in shares of First Internet Bancorp by 3.6% in the first quarter. Dimensional Fund Advisors LP now owns 621,428 shares of the bank’s stock valued at $26,728,000 after buying an additional 21,431 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of First Internet Bancorp during the first quarter worth $4,203,000. Prudential Financial Inc. lifted its stake in shares of First Internet Bancorp by 18.2% during the second quarter. Prudential Financial Inc. now owns 82,273 shares of the bank’s stock valued at $3,029,000 after acquiring an additional 12,685 shares during the period. Bank of New York Mellon Corp boosted its holdings in First Internet Bancorp by 1.2% in the first quarter. Bank of New York Mellon Corp now owns 63,464 shares of the bank’s stock valued at $2,730,000 after acquiring an additional 762 shares during the last quarter. Finally, Ancora Advisors LLC increased its position in First Internet Bancorp by 24.1% in the first quarter. Ancora Advisors LLC now owns 46,550 shares of the bank’s stock worth $1,640,000 after purchasing an additional 9,030 shares during the period. 70.19% of the stock is owned by institutional investors and hedge funds.

About First Internet Bancorp

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

See Also

Dividend History for First Internet Bancorp (NASDAQ:INBK)

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