First Internet Bancorp (NASDAQ:INBK) Issues Earnings Results, Meets Expectations

First Internet Bancorp (NASDAQ:INBK) issued its earnings results on Wednesday. The bank reported $0.72 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.72, Zacks reports. First Internet Bancorp had a net margin of 5.84% and a return on equity of 4.64%. The firm had revenue of $81.99 million during the quarter, compared to analysts’ expectations of $30.55 million. During the same period last year, the firm posted $0.44 earnings per share.

First Internet Bancorp Stock Down 1.1 %

Shares of First Internet Bancorp stock traded down $0.40 during midday trading on Thursday, reaching $35.69. 20,666 shares of the company’s stock traded hands, compared to its average volume of 59,331. The company has a market cap of $308.93 million, a price-to-earnings ratio of 18.99 and a beta of 0.68. The company’s 50 day simple moving average is $29.47 and its 200 day simple moving average is $30.58. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.02 and a current ratio of 1.02. First Internet Bancorp has a 52 week low of $14.11 and a 52 week high of $37.69.

First Internet Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a $0.06 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.24 dividend on an annualized basis and a yield of 0.67%. First Internet Bancorp’s payout ratio is 12.63%.

Analyst Ratings Changes

A number of equities analysts recently commented on INBK shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $36.00 price objective (up previously from $34.00) on shares of First Internet Bancorp in a research note on Friday, April 26th. Hovde Group decreased their price objective on shares of First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Finally, Piper Sandler cut their target price on shares of First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday, April 29th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $35.75.

First Internet Bancorp Company Profile

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.