First Internet Bancorp (NASDAQ:INBK - Get Rating) announced a quarterly dividend on Tuesday, June 21st, Zacks reports. Shareholders of record on Friday, July 1st will be given a dividend of 0.06 per share by the bank on Friday, July 15th. This represents a $0.24 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Thursday, June 30th.
First Internet Bancorp has a dividend payout ratio of 4.4% meaning its dividend is sufficiently covered by earnings. Analysts expect First Internet Bancorp to earn $5.03 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%.
NASDAQ:INBK opened at $37.22 on Thursday. The stock has a 50-day simple moving average of $38.17 and a two-hundred day simple moving average of $43.91. First Internet Bancorp has a 52-week low of $28.05 and a 52-week high of $53.56. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.05 and a current ratio of 1.06. The firm has a market capitalization of $359.55 million, a PE ratio of 7.58 and a beta of 0.73.
First Internet Bancorp (NASDAQ:INBK - Get Rating) last released its quarterly earnings results on Wednesday, April 20th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.23. First Internet Bancorp had a return on equity of 13.17% and a net margin of 29.10%. The business had revenue of $32.57 million during the quarter, compared to analyst estimates of $29.45 million. During the same quarter in the previous year, the company posted $1.05 earnings per share. Equities analysts forecast that First Internet Bancorp will post 4.54 earnings per share for the current fiscal year.
Several equities analysts have recently commented on the company. Piper Sandler lowered their price objective on First Internet Bancorp from $68.00 to $54.00 and set an "overweight" rating on the stock in a research report on Friday, April 22nd. Craig Hallum lowered their price objective on First Internet Bancorp from $70.00 to $60.00 in a research report on Tuesday, May 3rd. TheStreet upgraded First Internet Bancorp from a "c" rating to a "b-" rating in a research report on Monday, June 6th. Keefe, Bruyette & Woods lowered their price objective on First Internet Bancorp from $66.00 to $62.00 and set an "outperform" rating on the stock in a research report on Thursday, April 21st. Finally, StockNews.com initiated coverage on First Internet Bancorp in a research report on Thursday, March 31st. They issued a "buy" rating on the stock. Four investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $58.67.
In related news, CEO David B. Becker acquired 30,000 shares of the firm's stock in a transaction on Tuesday, May 3rd. The shares were acquired at an average cost of $36.42 per share, for a total transaction of $1,092,600.00. Following the completion of the transaction, the chief executive officer now directly owns 420,011 shares in the company, valued at approximately $15,296,800.62. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Aasif M. Bade acquired 5,000 shares of the firm's stock in a transaction on Tuesday, May 3rd. The shares were bought at an average price of $37.60 per share, for a total transaction of $188,000.00. Following the completion of the transaction, the director now owns 7,314 shares of the company's stock, valued at $275,006.40. The disclosure for this purchase can be found here. 7.20% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of INBK. Wellington Management Group LLP purchased a new stake in First Internet Bancorp during the first quarter valued at approximately $4,203,000. Prudential Financial Inc. raised its position in First Internet Bancorp by 104.6% during the first quarter. Prudential Financial Inc. now owns 69,588 shares of the bank's stock valued at $2,993,000 after purchasing an additional 35,580 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of First Internet Bancorp by 3.6% during the first quarter. Dimensional Fund Advisors LP now owns 621,428 shares of the bank's stock valued at $26,728,000 after buying an additional 21,431 shares during the last quarter. Panagora Asset Management Inc. grew its stake in shares of First Internet Bancorp by 64.9% during the first quarter. Panagora Asset Management Inc. now owns 33,373 shares of the bank's stock valued at $1,435,000 after buying an additional 13,133 shares during the last quarter. Finally, Ancora Advisors LLC grew its stake in shares of First Internet Bancorp by 24.1% during the first quarter. Ancora Advisors LLC now owns 46,550 shares of the bank's stock valued at $1,640,000 after buying an additional 9,030 shares during the last quarter. Institutional investors and hedge funds own 70.50% of the company's stock.
First Internet Bancorp Company Profile (Get Rating)
First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, savings, money market, and brokered deposit accounts, as well as certificates of deposit.
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