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

First Internet Bancorp (NASDAQ:INBK) announced a quarterly dividend on Tuesday, June 16th, Zacks reports. Shareholders of record on Tuesday, June 30th will be paid a dividend of 0.06 per share by the bank on Wednesday, July 15th. This represents a $0.24 annualized dividend and a yield of 1.43%. The ex-dividend date is Monday, June 29th.

First Internet Bancorp has a dividend payout ratio of 13.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect First Internet Bancorp to earn $1.71 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 14.0%.

INBK stock opened at $16.76 on Friday. First Internet Bancorp has a fifty-two week low of $10.47 and a fifty-two week high of $28.50. The company has a market capitalization of $164.28 million, a price-to-earnings ratio of 6.52 and a beta of 0.82. The business’s 50 day moving average price is $15.84 and its two-hundred day moving average price is $20.11. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.99 and a current ratio of 1.00.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.07. First Internet Bancorp had a return on equity of 8.51% and a net margin of 15.10%. The company had revenue of $21.23 million for the quarter, compared to analyst estimates of $20.79 million. Sell-side analysts forecast that First Internet Bancorp will post 1.78 earnings per share for the current year.

Several equities research analysts recently weighed in on INBK shares. Craig Hallum dropped their price target on First Internet Bancorp from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, April 24th. Piper Sandler dropped their price target on First Internet Bancorp from $23.00 to $18.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. Zacks Investment Research upgraded First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Thursday. Finally, ValuEngine lowered First Internet Bancorp from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 17th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $27.00.

About First Internet Bancorp

First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The company offers savings and money market accounts, non-interest bearing and interest-bearing demand deposits, brokered deposit accounts, and certificates of deposit.

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Dividend History for First Internet Bancorp (NASDAQ:INBK)

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