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

Key Points

• First Internet Bancorp announced a quarterly dividend of $0.06 per share, which will be paid on October 15th to investors of record as of September 30th, resulting in an annualized yield of 1.0%.
• The company has a dividend payout ratio of 4.9%, indicating that its dividend is well-covered by earnings, with expected earnings of $4.95 per share next year.
• Several research firms have adjusted their ratings and price targets for First Internet Bancorp, with the average target price now at $27.33 and ratings varying from "Buy" to "Sell".

First Internet Bancorp (NASDAQ:INBK - Get Free Report) declared a quarterly dividend on Tuesday, September 16th, RTT News reports. Investors of record on Tuesday, September 30th will be paid a dividend of 0.06 per share by the bank on Wednesday, October 15th. This represents a c) dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 30th.

First Internet Bancorp has a payout ratio of 4.9% meaning its dividend is sufficiently covered by earnings. Research 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 Price Performance

NASDAQ:INBK traded down $1.11 during mid-day trading on Friday, reaching $24.14. The stock had a trading volume of 67,254 shares, compared to its average volume of 30,823. The stock has a market capitalization of $210.26 million, a P/E ratio of 13.72 and a beta of 0.80. The firm has a 50 day moving average price of $24.31 and a two-hundred day moving average price of $24.67. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.90 and a current ratio of 0.93. First Internet Bancorp has a one year low of $19.54 and a one year high of $43.26.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.31). The business had revenue of $33.55 million for the quarter, compared to the consensus estimate of $30.08 million. First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.03%. As a group, analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on INBK shares. Piper Sandler reduced their target price on First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating on the stock in a report on Monday, July 28th. Hovde Group cut their price objective on shares of First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Wall Street Zen downgraded shares of First Internet Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $27.00 target price (down from $30.00) on shares of First Internet Bancorp in a report on Monday, July 28th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, First Internet Bancorp currently has an average rating of "Hold" and a consensus target price of $27.33.

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.