First Internet Bancorp (NASDAQ:INBK) announced a quarterly dividend on Tuesday, June 18th, NASDAQ reports. Stockholders 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 annualized dividend and a dividend yield of 1.23%. The ex-dividend date is Thursday, June 27th.

First Internet Bancorp has a dividend payout ratio of 9.3% indicating that 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%.

Shares of INBK traded down $0.25 during midday trading on Tuesday, hitting $19.57. 20,935 shares of the company traded hands, compared to its average volume of 19,664. The stock’s 50-day moving average is $21.45. First Internet Bancorp has a one year low of $17.56 and a one year high of $34.85. The firm has a market cap of $199.80 million, a price-to-earnings ratio of 7.83 and a beta of 0.62. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.04 and a current ratio of 1.05.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, April 24th. The bank reported $0.56 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.12. First Internet Bancorp had a return on equity of 8.15% and a net margin of 16.21%. The firm had revenue of $18.62 million for the quarter, compared to analysts’ expectations of $17.30 million. On average, equities research analysts predict that First Internet Bancorp will post 2.36 earnings per share for the current fiscal year.

INBK has been the topic of several analyst reports. Zacks Investment Research upgraded First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 27th. ValuEngine cut shares of First Internet Bancorp from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 1st. Finally, Maxim Group restated a “hold” rating on shares of First Internet Bancorp in a research report on Monday, April 29th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target 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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Dividend History for First Internet Bancorp (NASDAQ:INBK)

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