First Internet Bancorp (NASDAQ:INBK – Get Rating) announced a quarterly dividend on Tuesday, June 21st, Zacks reports. Shareholders of record on Friday, July 1st will be given a dividend of 0.06 per share by the bank on Friday, July 15th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend is Thursday, June 30th.
First Internet Bancorp has a dividend payout ratio of 4.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect First Internet Bancorp to earn $5.03 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 stock opened at $37.22 on Thursday. The business has a 50-day simple moving average of $38.17 and a two-hundred day simple moving average of $43.91. The company has a market cap of $359.55 million, a P/E ratio of 7.58 and a beta of 0.73. First Internet Bancorp has a 52-week low of $28.05 and a 52-week high of $53.56. The company has a quick ratio of 1.05, a current ratio of 1.06 and a debt-to-equity ratio of 1.65.
A number of equities research analysts have issued reports on the company. Piper Sandler cut their price target on First Internet Bancorp from $68.00 to $54.00 and set an “overweight” rating for the company in a research note on Friday, April 22nd. StockNews.com began coverage on First Internet Bancorp in a research note on Thursday, March 31st. They set a “buy” rating for the company. Keefe, Bruyette & Woods cut their price objective on First Internet Bancorp from $66.00 to $62.00 and set an “outperform” rating for the company in a research note on Thursday, April 21st. Craig Hallum cut their price objective on First Internet Bancorp from $70.00 to $60.00 in a research note on Tuesday, May 3rd. Finally, TheStreet upgraded First Internet Bancorp from a “c” rating to a “b-” rating in a research note on Monday, June 6th. Four investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $58.67.
In other First Internet Bancorp news, CEO David B. Becker acquired 30,000 shares of the business’s stock in a transaction on Tuesday, May 3rd. The shares were bought at an average price of $36.42 per share, with a total value of $1,092,600.00. Following the transaction, the chief executive officer now directly owns 420,011 shares of the company’s stock, valued at approximately $15,296,800.62. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Aasif M. Bade acquired 5,000 shares of the business’s stock in a transaction on Tuesday, May 3rd. The stock was acquired at an average cost of $37.60 per share, for a total transaction of $188,000.00. Following the transaction, the director now directly owns 7,314 shares in the company, valued at $275,006.40. The disclosure for this purchase can be found here. 7.20% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. First Trust Advisors LP grew its position in First Internet Bancorp by 9.8% in the 1st quarter. First Trust Advisors LP now owns 5,020 shares of the bank’s stock valued at $216,000 after acquiring an additional 447 shares during the last quarter. MetLife Investment Management LLC grew its position in shares of First Internet Bancorp by 57.0% during the 1st quarter. MetLife Investment Management LLC now owns 5,314 shares of the bank’s stock worth $229,000 after buying an additional 1,929 shares in the last quarter. BNP Paribas Arbitrage SA grew its position in shares of First Internet Bancorp by 64.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,422 shares of the bank’s stock worth $276,000 after buying an additional 2,520 shares in the last quarter. Sei Investments Co. grew its position in shares of First Internet Bancorp by 17.4% during the 1st quarter. Sei Investments Co. now owns 6,904 shares of the bank’s stock worth $297,000 after buying an additional 1,022 shares in the last quarter. Finally, Panagora Asset Management Inc. grew its position in shares of First Internet Bancorp by 64.9% during the 1st quarter. Panagora Asset Management Inc. now owns 33,373 shares of the bank’s stock worth $1,435,000 after buying an additional 13,133 shares in the last quarter. 70.50% of the stock is currently owned by institutional investors.
About First Internet Bancorp (Get Rating)
First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, savings, money market, and brokered deposit accounts, as well as certificates of deposit.
- Get a free copy of the StockNews.com research report on First Internet Bancorp (INBK)
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