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

First Internet Bancorp (NASDAQ:INBK) declared a quarterly dividend on Tuesday, June 16th. Stockholders of record on Tuesday, June 30th will be given a dividend of 0.06 per share by the bank on Wednesday, July 15th. This represents a c) annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, June 30th.

First Internet Bancorp has a payout ratio of 4.9% meaning its dividend is sufficiently covered by earnings. Analysts expect First Internet Bancorp to earn $4.43 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 5.4%.

First Internet Bancorp Price Performance

INBK stock opened at $25.79 on Wednesday. First Internet Bancorp has a one year low of $17.05 and a one year high of $28.51. The company’s fifty day moving average price is $23.98 and its 200-day moving average price is $21.96. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.87 and a current ratio of 0.88. The company has a market capitalization of $224.89 million, a PE ratio of -6.70 and a beta of 0.85.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Thursday, April 30th. The bank reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.21. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. The company had revenue of $43.12 million for the quarter, compared to analysts’ expectations of $45.67 million. On average, equities analysts anticipate that First Internet Bancorp will post 1.98 EPS for the current fiscal year.

Institutional Trading of First Internet Bancorp

Hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC lifted its position in shares of First Internet Bancorp by 202.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock valued at $48,000 after buying an additional 1,198 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of First Internet Bancorp by 1,123.5% during the fourth quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock valued at $66,000 after buying an additional 2,921 shares during the last quarter. Deutsche Bank AG lifted its position in shares of First Internet Bancorp by 4,390.4% during the fourth quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock valued at $108,000 after buying an additional 5,049 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of First Internet Bancorp by 19.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock valued at $126,000 after buying an additional 1,000 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of First Internet Bancorp by 62.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock valued at $183,000 after buying an additional 3,379 shares during the last quarter. 65.46% of the stock is owned by hedge funds and other institutional investors.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).