First Internet Bancorp (NASDAQ:INBK) Issues Earnings Results, Misses Estimates By $0.01 EPS

by · The Markets Daily

First Internet Bancorp (NASDAQ:INBK – Get Free Report) posted its earnings results on Wednesday. The bank reported $0.80 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.01), RTT News reports. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.23%. The business had revenue of $87.02 million during the quarter, compared to analyst estimates of $32.50 million. During the same quarter in the prior year, the business earned $0.39 earnings per share.

First Internet Bancorp Price Performance

Shares of INBK traded up $0.20 during mid-day trading on Friday, hitting $35.14. The company’s stock had a trading volume of 34,455 shares, compared to its average volume of 52,373. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.02 and a quick ratio of 1.01. The firm has a 50-day moving average price of $34.76 and a 200 day moving average price of $32.34. First Internet Bancorp has a fifty-two week low of $14.90 and a fifty-two week high of $39.46. The stock has a market capitalization of $304.17 million, a price-to-earnings ratio of 18.49 and a beta of 0.66.

First Internet Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.24 annualized dividend and a dividend yield of 0.68%. First Internet Bancorp’s dividend payout ratio (DPR) is 12.63%.

Analysts Set New Price Targets

A number of research analysts have recently commented on INBK shares. Piper Sandler raised their price target on First Internet Bancorp from $30.00 to $40.50 and gave the company a “neutral” rating in a report on Monday, July 29th. Hovde Group boosted their price target on shares of First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods increased their price objective on shares of First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a report on Friday, July 26th. Finally, Craig Hallum raised their price objective on shares of First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $42.88.

View Our Latest Research Report on First Internet Bancorp

First Internet Bancorp Company Profile

(Get Free Report)

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.

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