First Internet Bancorp (INBK) To Go Ex-Dividend on March 31st

First Internet Bancorp (NASDAQ:INBK) declared a quarterly dividend on Friday, March 28th, Wall Street Journal reports. Investors of record on Monday, March 31st will be paid a dividend of 0.06 per share by the bank on Tuesday, April 15th. This represents a $0.24 annualized dividend and a dividend yield of 0.92%. The ex-dividend date of this dividend is Monday, March 31st.

First Internet Bancorp has a dividend payout ratio of 4.7% indicating that 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 Price Performance

Shares of NASDAQ:INBK opened at $25.97 on Friday. 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 stock has a market cap of $225.86 million, a PE ratio of 8.99 and a beta of 0.72. The stock’s fifty day simple moving average is $30.59 and its two-hundred day simple moving average is $34.72. First Internet Bancorp has a 1-year low of $24.18 and a 1-year high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. As a group, analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

Analysts Set New Price Targets

INBK has been the subject of a number of research analyst reports. StockNews.com downgraded First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday. Piper Sandler lowered their target price on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $40.00 price target (down previously from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $41.75.

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.