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

First Internet Bancorp (NASDAQ:INBK) announced a quarterly dividend on Tuesday, December 16th. Investors of record on Wednesday, December 31st will be given a dividend of 0.06 per share by the bank on Thursday, January 15th. This represents a c) dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Wednesday, December 31st.

First Internet Bancorp has a dividend payout ratio of 4.9% indicating that its dividend is sufficiently covered by earnings. Equities research 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

INBK traded up $0.27 on Wednesday, hitting $22.63. 13,355 shares of the company were exchanged, compared to its average volume of 53,853. First Internet Bancorp has a fifty-two week low of $17.05 and a fifty-two week high of $41.10. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91. The firm has a market capitalization of $197.11 million, a P/E ratio of -5.96 and a beta of 0.85. The business’s fifty day moving average is $19.68 and its 200 day moving average is $22.79.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings results on Wednesday, October 22nd. The bank reported ($1.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($2.09). The company had revenue of $43.53 million for the quarter, compared to analyst estimates of $33.48 million. First Internet Bancorp had a negative net margin of 9.35% and a negative return on equity of 2.05%. As a group, sell-side analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current year.

Insider Activity

In other news, CEO David B. Becker bought 5,000 shares of the firm’s stock in a transaction dated Wednesday, October 29th. The stock was acquired at an average price of $18.67 per share, for a total transaction of $93,350.00. Following the acquisition, the chief executive officer owned 419,194 shares of the company’s stock, valued at $7,826,351.98. This trade represents a 1.21% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Nicole S. Lorch bought 2,000 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The shares were acquired at an average cost of $17.96 per share, with a total value of $35,920.00. Following the transaction, the chief operating officer owned 70,206 shares in the company, valued at approximately $1,260,899.76. This represents a 2.93% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought 10,110 shares of company stock valued at $187,863 in the last three months. Corporate insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On First Internet Bancorp

Hedge funds have recently made changes to their positions in the business. Patriot Financial Partners GP II L.P. purchased a new stake in First Internet Bancorp during the 3rd quarter worth $4,696,000. CSM Advisors LLC acquired a new position in First Internet Bancorp during the 2nd quarter worth approximately $3,923,000. Fourthstone LLC boosted its stake in shares of First Internet Bancorp by 254.9% in the second quarter. Fourthstone LLC now owns 145,141 shares of the bank’s stock valued at $3,904,000 after purchasing an additional 104,241 shares during the period. Creative Planning purchased a new position in First Internet Bancorp in the 2nd quarter valued at about $1,691,000. Finally, Russell Investments Group Ltd. boosted its holdings in First Internet Bancorp by 59.1% in the third quarter. Russell Investments Group Ltd. now owns 90,470 shares of the bank’s stock valued at $2,029,000 after purchasing an additional 33,622 shares during the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.

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.