First internet bank (NASDAQ:INBK – Get a rating) announced a quarterly dividend on Monday, March 21, Zacks reports. Investors of record on Thursday, March 31 will receive a dividend of 0.06 per share from the bank on Monday, April 18. This represents a dividend of $0.24 on an annualized basis and a dividend yield of 0.51%. The ex-dividend date is Wednesday, March 30.
First Internet Bancorp has a payout ratio of 4.0%, which means its dividend is sufficiently covered by earnings. Research analysts expect First Internet Bancorp to earn $5.99 per share next year, meaning the company should continue to be able to cover its $0.24 annual dividend with a ratio expected future payout of 4.0%.
Shares of NASDAQ INBK opened at $46.74 on Wednesday. The company has a debt ratio of 1.63, a current ratio of 1.05 and a quick ratio of 1.02. The company has a market capitalization of $452.63 million, a price-earnings ratio of 9.70 and a beta of 0.72. The company has a 50-day simple moving average of $48.68. First Internet Bancorp has a 12-month low of $28.05 and a 12-month high of $53.56.
First Internet Bank (NASDAQ:INBK – Get a rating) last reported results on Wednesday, January 19. The bank reported earnings per share of $1.30 for the quarter, beating the consensus estimate of $1.27 by $0.03. First Internet Bancorp achieved a return on equity of 13.00% and a net margin of 28.86%. The company posted revenue of $31.20 million in the quarter, compared to $30.45 million expected by analysts. During the same period a year earlier, the company posted EPS of $1.12. On average, sell-side analysts expect First Internet Bancorp to post EPS of 4.67 for the current fiscal year.
A number of research companies have weighed in on INBK recently. Piper Sandler raised its price target on First Internet Bancorp from $50.00 to $61.00 and gave the company an “overweight” rating in a Thursday, Dec. 9 research report. StockNews.com upgraded First Internet Bancorp from a “hold” rating to a “buy” rating in a Thursday, March 17 research report. Ultimately, Zacks Investment Research upgraded First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a price target of $50.00 on the stock in a Wednesday, March 9 research report.
Separately, director Jerry L. Williams sold 1,702 shares of First Internet Bancorp in a trade that took place on Tuesday, February 8. The shares were sold at an average price of $50.00, for a total transaction of $85,100.00. The transaction was disclosed in a document filed with the SEC, accessible via this hyperlink. Additionally, CEO David B. Becker purchased 16,314 shares of First Internet Bancorp in a trade dated Thursday, March 10. The shares were purchased at an average cost of $44.50 per share, for a total transaction of $725,973.00. Disclosure of this purchase can be found here. Insiders hold 7.20% of the shares of the company.
Several hedge funds have recently changed their stock holdings. Morgan Stanley increased its position in First Internet Bancorp by 72.9% in the second quarter. Morgan Stanley now owns 17,465 shares of the bank valued at $542,000 after acquiring 7,361 additional shares in the last quarter. Barclays PLC increased its position in First Internet Bancorp by 15.4% in the fourth quarter. Barclays PLC now owns 11,287 shares in the bank valued at $531,000 after acquiring a further 1,510 shares in the last quarter. Bank of America Corp DE increased its holdings of First Internet Bancorp shares by 35.3% in the fourth quarter. Bank of America Corp DE now owns 9,763 shares of the bank valued at $459,000 after buying 2,547 additional shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of First Internet Bancorp in the fourth quarter worth approximately $281,000. Finally, Deutsche Bank AG increased its stake in shares of First Internet Bancorp by 5.6% in the fourth quarter. Deutsche Bank AG now owns 5,652 shares of the bank valued at $266,000 after buying 300 more shares in the last quarter. Hedge funds and other institutional investors own 68.31% of the company’s shares.
First Internet Bancorp Company Profile (Get a rating)
First Internet Bancorp provides online commercial and retail banking products and services. It offers residential first mortgages, consumer and credit card loans and CRE loans in Indiana and other parts of the Midwest in the form of office, retail, industrial and multi-family loans. , with financing by leasing.
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