First Internet Bancorp (INBK) to Issue Quarterly Dividend of $0.06 on April 15th

First Internet Bancorp (NASDAQ:INBK) announced a quarterly dividend on Saturday, March 22nd, Wall Street Journal reports. Investors of record on Monday, March 31st will be paid a dividend of 0.06 per share by the bank on Tuesday, April 15th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date is Monday, March 31st.

First Internet Bancorp has a dividend payout ratio of 4.7% meaning its dividend is sufficiently covered by earnings. Analysts expect First Internet Bancorp to earn $4.95 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 4.8%.

First Internet Bancorp Stock Down 0.9 %

Shares of NASDAQ:INBK opened at $27.56 on Monday. The company has a market capitalization of $239.69 million, a PE ratio of 9.54 and a beta of 0.72. First Internet Bancorp has a 1 year low of $24.18 and a 1 year high of $43.26. 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 business has a fifty day moving average price of $31.32 and a two-hundred day moving average price of $34.97.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. Analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Piper Sandler decreased their price target on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. StockNews.com upgraded shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday, March 19th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $40.00 price objective (down previously from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $41.75.

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.