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

First Internet Bancorp (NASDAQ:INBK) announced a quarterly dividend on Wednesday, December 18th,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 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Tuesday, December 31st.

First Internet Bancorp has a dividend payout ratio of 5.7% meaning its dividend is sufficiently covered by earnings. 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 Performance

Shares of INBK stock traded down $2.68 during trading hours on Wednesday, reaching $37.36. 33,785 shares of the company’s stock were exchanged, compared to its average volume of 48,814. First Internet Bancorp has a fifty-two week low of $23.04 and a fifty-two week high of $43.26. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. The stock has a market capitalization of $323.84 million, a P/E ratio of 14.71 and a beta of 0.70. The business has a fifty day moving average price of $38.85 and a 200-day moving average price of $34.54.

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

Analyst Upgrades and Downgrades

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

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.