First Internet Bancorp (NASDAQ:INBK) Announces Quarterly Earnings Results

First Internet Bancorp (NASDAQ:INBK) released its quarterly earnings data 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 return on equity of 5.23% and a net margin of 6.12%. The firm had revenue of $87.02 million for the quarter, compared to analysts’ expectations of $32.50 million. During the same quarter in the previous year, the business earned $0.39 earnings per share.

First Internet Bancorp Stock Up 0.6 %

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

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend was Monday, September 30th. First Internet Bancorp’s dividend payout ratio is currently 12.63%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on INBK. Craig Hallum raised their price target on First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Piper Sandler boosted their price target on shares of 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 increased their price objective on shares of First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a research note on Friday, July 26th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, First Internet Bancorp currently has a consensus rating of “Hold” and a consensus price target of $42.88.

About First Internet Bancorp

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.