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

First Internet Bancorp (NASDAQ:INBK) announced a quarterly dividend on Tuesday, December 16th. Shareholders of record on Wednesday, December 31st will be given a dividend of 0.06 per share by the bank on Thursday, January 15th. This represents a c) annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, December 31st.

First Internet Bancorp has a 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 Stock Up 1.8%

Shares of First Internet Bancorp stock traded up $0.41 during midday trading on Wednesday, reaching $22.77. 3,231 shares of the company’s stock traded hands, compared to its average volume of 53,830. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91. First Internet Bancorp has a 52 week low of $17.05 and a 52 week high of $41.10. The company’s 50 day simple moving average is $19.68 and its 200 day simple moving average is $22.79. The company has a market cap of $198.28 million, a price-to-earnings ratio of -5.99 and a beta of 0.85.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, October 22nd. The bank reported ($1.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($2.09). First Internet Bancorp had a negative return on equity of 2.05% and a negative net margin of 9.35%.The business had revenue of $43.53 million during the quarter, compared to the consensus estimate of $33.48 million. Equities analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on INBK shares. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday. Zacks Research lowered shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 28th. Keefe, Bruyette & Woods cut their target price on shares of First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating for the company in a research report on Friday, October 24th. Hovde Group lowered their price target on First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating on the stock in a research report on Friday, October 24th. Finally, Piper Sandler dropped their price objective on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating on the stock in a research note on Monday, October 27th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, First Internet Bancorp has a consensus rating of “Reduce” and a consensus target price of $24.33.

About First Internet Bancorp

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.