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

First Internet Bancorp (NASDAQ:INBK - Get Free Report) declared a quarterly dividend on Tuesday, June 17th, RTT News reports. Shareholders of record on Monday, June 30th will be given a dividend of 0.06 per share by the bank on Tuesday, July 15th. This represents a $0.24 annualized dividend and a yield of 1.02%.

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 $4.95 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 Performance

Shares of INBK stock traded up $0.24 during trading hours on Wednesday, reaching $23.45. The company had a trading volume of 714 shares, compared to its average volume of 47,119. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.93 and a current ratio of 0.94. The business has a fifty day moving average price of $23.38 and a 200-day moving average price of $29.41. First Internet Bancorp has a one year low of $19.54 and a one year high of $43.26. The firm has a market cap of $204.02 million, a PE ratio of 9.73 and a beta of 0.70.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The bank reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.64). The company had revenue of $76.83 million during the quarter, compared to analysts' expectations of $26.73 million. First Internet Bancorp had a return on equity of 4.64% and a net margin of 6.01%. Sell-side analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

INBK has been the subject of several research analyst reports. Wall Street Zen lowered First Internet Bancorp from a "buy" rating to a "hold" rating in a report on Thursday, March 27th. Piper Sandler reduced their price target on shares of First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Hovde Group lowered their price objective on shares of First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Finally, Keefe, Bruyette & Woods cut their target price on shares of First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating for the company in a research report on Tuesday, April 29th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $31.75.

Institutional Trading of First Internet Bancorp

Several hedge funds have recently bought and sold shares of INBK. Jane Street Group LLC bought a new position in shares of First Internet Bancorp in the first quarter worth about $297,000. Empowered Funds LLC increased its holdings in First Internet Bancorp by 81.4% in the 1st quarter. Empowered Funds LLC now owns 13,135 shares of the bank's stock worth $352,000 after acquiring an additional 5,893 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in First Internet Bancorp by 78.5% in the 1st quarter. Royal Bank of Canada now owns 13,789 shares of the bank's stock worth $369,000 after acquiring an additional 6,064 shares in the last quarter. Institutional investors own 65.46% of the company's stock.

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.

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