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

First Internet Bancorp (NASDAQ:INBK - Get Free Report) declared a quarterly dividend on Tuesday, June 17th, RTT News reports. Investors 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 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend is Monday, June 30th.

First Internet Bancorp has a payout ratio of 4.9% indicating that its dividend is sufficiently covered by earnings. Equities 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

NASDAQ:INBK traded up $0.06 during mid-day trading on Friday, reaching $23.32. 71,462 shares of the stock were exchanged, compared to its average volume of 47,071. The company has a 50 day simple moving average of $23.37 and a 200-day simple moving average of $29.12. The stock has a market capitalization of $202.88 million, a P/E ratio of 9.68 and a beta of 0.70. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 1.29. First Internet Bancorp has a 1 year low of $19.54 and a 1 year high of $43.26.

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

Wall Street Analysts Forecast Growth

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

Institutional Trading of First Internet Bancorp

Several hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its holdings in First Internet Bancorp by 78.5% during the first quarter. Royal Bank of Canada now owns 13,789 shares of the bank's stock worth $369,000 after purchasing an additional 6,064 shares during the last quarter. Empowered Funds LLC raised its holdings in First Internet Bancorp by 81.4% during the first quarter. Empowered Funds LLC now owns 13,135 shares of the bank's stock worth $352,000 after purchasing an additional 5,893 shares during the last quarter. Finally, Jane Street Group LLC acquired a new position in First Internet Bancorp during the first quarter worth $297,000. 65.46% of the stock is owned by institutional investors and hedge funds.

First Internet Bancorp Company Profile

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.