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

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 yield of 1.0%.

First Internet Bancorp has a dividend payout ratio of 4.9% meaning 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 Trading Down 1.2%

First Internet Bancorp stock traded down $0.30 during trading on Tuesday, reaching $23.86. 28,438 shares of the company were exchanged, compared to its average volume of 32,486. First Internet Bancorp has a 52-week low of $19.54 and a 52-week high of $43.26. The company has a market capitalization of $207.82 million, a P/E ratio of 13.56 and a beta of 0.80. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.90. The stock's 50 day simple moving average is $24.50 and its two-hundred day simple moving average is $24.77.

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

Analysts Set New Price Targets

Several research firms have commented on INBK. 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. Piper Sandler decreased their price target on First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating for the company in a report on Monday, July 28th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $27.00 target price (down from $30.00) on shares of First Internet Bancorp in a report on Monday, July 28th. Finally, Hovde Group reduced their target price on First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating for the company in a report on Monday, July 28th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock 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.

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