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

First Internet Bancorp (NASDAQ:INBKGet Rating) declared a quarterly dividend on Tuesday, September 20th, Zacks reports. Investors of record on Friday, September 30th will be paid a dividend of 0.06 per share by the bank on Monday, October 17th. This represents a $0.24 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend is Thursday, September 29th.

First Internet Bancorp has a payout ratio of 4.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First Internet Bancorp to earn $5.20 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 4.6%.

First Internet Bancorp Stock Down 1.1 %

INBK stock opened at $36.03 on Thursday. First Internet Bancorp has a fifty-two week low of $29.15 and a fifty-two week high of $53.56. The business’s 50 day moving average price is $36.62 and its two-hundred day moving average price is $38.69. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.04 and a current ratio of 1.05. The company has a market capitalization of $339.04 million, a price-to-earnings ratio of 7.85 and a beta of 0.63.

First Internet Bancorp (NASDAQ:INBKGet Rating) last posted its earnings results on Wednesday, July 20th. The bank reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.04). First Internet Bancorp had a return on equity of 12.89% and a net margin of 27.30%. The firm had revenue of $29.99 million for the quarter, compared to analysts’ expectations of $31.05 million. During the same quarter last year, the company posted $1.11 EPS. As a group, analysts forecast that First Internet Bancorp will post 4.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Internet Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Trust Advisors LP lifted its position in First Internet Bancorp by 9.8% in the 1st quarter. First Trust Advisors LP now owns 5,020 shares of the bank’s stock valued at $216,000 after acquiring an additional 447 shares in the last quarter. MetLife Investment Management LLC raised its stake in First Internet Bancorp by 57.0% during the 1st quarter. MetLife Investment Management LLC now owns 5,314 shares of the bank’s stock valued at $229,000 after buying an additional 1,929 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in First Internet Bancorp by 64.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,422 shares of the bank’s stock valued at $276,000 after buying an additional 2,520 shares during the last quarter. Sei Investments Co. raised its stake in First Internet Bancorp by 17.4% during the 1st quarter. Sei Investments Co. now owns 6,904 shares of the bank’s stock valued at $297,000 after buying an additional 1,022 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in First Internet Bancorp by 3.2% during the 2nd quarter. Rhumbline Advisers now owns 13,149 shares of the bank’s stock valued at $484,000 after buying an additional 402 shares during the last quarter. 70.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Piper Sandler reduced their target price on First Internet Bancorp to $43.00 in a report on Friday, July 22nd. StockNews.com raised First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, TheStreet raised First Internet Bancorp from a “c” rating to a “b-” rating in a research report on Monday, June 6th. Four research analysts have rated the stock with a buy rating, According to MarketBeat.com, First Internet Bancorp presently has a consensus rating of “Buy” and a consensus price target of $55.00.

About First Internet Bancorp

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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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Dividend History for First Internet Bancorp (NASDAQ:INBK)

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