First Internet Bancorp said on March 21, 2023 that its board of directors declared a regular quarterly dividend of $0.06 per share ($0.24 annualized). Previously, the company paid $0.06 per share.
Shares must be purchased before the ex-div date of March 30, 2023 to qualify for the dividend. Shareholders of record as of March 31, 2023 will receive the payment on April 17, 2023.
At the current share price of $18.86 / share, the stock's dividend yield is 1.27%. Looking back five years and taking a sample every week, the average dividend yield has been 0.94%, the lowest has been 0.47%, and the highest has been 1.91%. The standard deviation of yields is 0.31 (n=236).
The current dividend yield is 1.09 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.06. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
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Analyst Price Forecast Suggests 62.25% Upside
As of March 22, 2023, the average one-year price target for First Internet Bancorp is $30.60. The forecasts range from a low of $27.27 to a high of $39.38. The average price target represents an increase of 62.25% from its latest reported closing price of $18.86.
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The projected annual revenue for First Internet Bancorp is $92MM, a decrease of 19.82%. The projected annual non-GAAP EPS is $2.29.
What is the Fund Sentiment?
There are 275 funds or institutions reporting positions in First Internet Bancorp. This is a decrease of 13 owner(s) or 4.51% in the last quarter. Average portfolio weight of all funds dedicated to INBK is 0.08%, a decrease of 35.36%. Total shares owned by institutions decreased in the last three months by 2.32% to 7,615K shares. The put/call ratio of INBK is 0.40, indicating a bullish outlook.
What are Large Shareholders Doing?
Stieven Capital Advisors holds 399K shares representing 4.46% ownership of the company. In it's prior filing, the firm reported owning 584K shares, representing a decrease of 46.47%. The firm decreased its portfolio allocation in INBK by 99.95% over the last quarter.
Kennedy Capital Management holds 392K shares representing 4.38% ownership of the company. In it's prior filing, the firm reported owning 433K shares, representing a decrease of 10.54%. The firm decreased its portfolio allocation in INBK by 37.77% over the last quarter.
Banc Funds Co holds 390K shares representing 4.35% ownership of the company. In it's prior filing, the firm reported owning 382K shares, representing an increase of 1.85%. The firm decreased its portfolio allocation in INBK by 99.93% over the last quarter.
Heartland Advisors holds 357K shares representing 3.99% ownership of the company. In it's prior filing, the firm reported owning 351K shares, representing an increase of 1.59%. The firm decreased its portfolio allocation in INBK by 99.94% over the last quarter.
HRTVX - HEARTLAND VALUE FUND Investor Class holds 302K shares representing 3.37% ownership of the company. In it's prior filing, the firm reported owning 302K shares, representing an increase of 0.11%. The firm decreased its portfolio allocation in INBK by 33.11% over the last quarter.
First Internet Bancorp Background Information
(This description is provided by the company.)
First Internet Bancorp is a bank holding company with assets of $4.2 billion as of December 31, 2020. The Company's subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. The Bank provides consumer and small business deposit, consumer loan, residential mortgage, and specialty finance services nationally as well as commercial real estate loans, commercial and industrial loans, SBA financing and treasury management services in select geographies.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
