First Internet Bancorp Declares Quarterly Dividend of $0.06 (NASDAQ:INBK)
First Internet Bancorp (NASDAQ:INBK) announced a quarterly dividend on Tuesday, June 18th, NASDAQ reports. Investors of record on Friday, June 28th will be paid a dividend of 0.06 per share by the bank on Monday, July 15th. This represents a $0.24 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date is Thursday, June 27th.
First Internet Bancorp has a dividend payout ratio of 9.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First Internet Bancorp to earn $2.73 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 8.8%.
First Internet Bancorp stock traded down $0.03 during midday trading on Wednesday, reaching $19.70. The stock had a trading volume of 374 shares, compared to its average volume of 20,711. First Internet Bancorp has a 12 month low of $17.56 and a 12 month high of $34.85. The business has a 50-day moving average of $21.38. The firm has a market cap of $198.88 million, a price-to-earnings ratio of 7.88 and a beta of 0.62. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.05 and a quick ratio of 1.04.
A number of research analysts have weighed in on INBK shares. ValuEngine raised First Internet Bancorp from a “strong sell” rating to a “sell” rating in a report on Tuesday, May 7th. Maxim Group reaffirmed a “hold” rating on shares of First Internet Bancorp in a report on Monday, April 29th. Finally, Zacks Investment Research raised First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $26.00 target price for the company in a report on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. First Internet Bancorp presently has a consensus rating of “Hold” and an average target price of $30.20.
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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