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

First Internet Bancorp (NASDAQ:INBK) declared a quarterly dividend on Saturday, December 28th,Wall Street Journal reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.06 per share by the bank on Wednesday, January 15th. This represents a $0.24 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend is Tuesday, December 31st.

First Internet Bancorp has a dividend payout ratio of 5.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect First Internet Bancorp to earn $4.25 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 5.6%.

First Internet Bancorp Stock Down 2.3 %

Shares of NASDAQ:INBK opened at $36.57 on Friday. The firm has a 50 day simple moving average of $39.04 and a 200-day simple moving average of $35.00. First Internet Bancorp has a twelve month low of $23.05 and a twelve month high of $43.26. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The company has a market capitalization of $316.99 million, a PE ratio of 14.40 and a beta of 0.70.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.80 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.01). The company had revenue of $87.02 million for the quarter, compared to analyst estimates of $32.50 million. First Internet Bancorp had a return on equity of 6.06% and a net margin of 6.92%. During the same quarter in the prior year, the business earned $0.39 earnings per share. On average, equities analysts predict that First Internet Bancorp will post 3.07 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their price target on First Internet Bancorp from $41.00 to $45.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, First Internet Bancorp presently has a consensus rating of “Hold” and an average price target of $43.63.

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.