$29.45 Million in Sales Expected for First Internet Bancorp (NASDAQ:INBK) This Quarter


Wall Street analysts predict that First Internet Bancorp (NASDAQ:INBK – Get Rating) will announce $29.45 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for First Internet Bancorp’s earnings. The highest sales estimate is $30.10 million and the lowest is $28.80 million. First Internet Bancorp reported sales of $28.90 million in the same quarter last year, which would suggest a positive year over year growth rate of 1.9%. The firm is expected to announce its next earnings report after the market closes on Monday, January 1st.

On average, analysts expect that First Internet Bancorp will report full-year sales of $137.20 million for the current fiscal year, with estimates ranging from $136.20 million to $138.20 million. For the next year, analysts forecast that the business will post sales of $169.10 million, with estimates ranging from $164.10 million to $174.10 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for First Internet Bancorp.

First Internet Bancorp (NASDAQ:INBK – Get Rating) last issued its quarterly earnings data on Wednesday, January 19th. The bank reported $1.30 EPS for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.03. First Internet Bancorp had a return on equity of 13.00% and a net margin of 28.86%. The company had revenue of $31.20 million for the quarter, compared to analysts’ expectations of $30.45 million. During the same quarter in the previous year, the firm posted $1.12 earnings per share.

Several research analysts recently commented on the company. StockNews.com assumed coverage on First Internet Bancorp in a research note on Thursday, March 31st. They issued a “buy” rating on the stock. Zacks Investment Research upgraded First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $50.00 price target on the stock in a research note on Wednesday, March 9th.

Shares of NASDAQ:INBK traded up $0.22 during trading on Monday, hitting $41.79. The company’s stock had a trading volume of 29,919 shares, compared to its average volume of 44,587. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 1.63. First Internet Bancorp has a fifty-two week low of $28.05 and a fifty-two week high of $53.56. The firm’s 50-day simple moving average is $45.71. The stock has a market capitalization of $404.69 million, a P/E ratio of 8.67 and a beta of 0.69.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 18th. Shareholders of record on Thursday, March 31st will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.57%. The ex-dividend date is Wednesday, March 30th. First Internet Bancorp’s payout ratio is currently 4.98%.

In other news, Director Jerry L. Williams sold 1,702 shares of the company’s stock in a transaction that occurred on Tuesday, February 8th. The stock was sold at an average price of $50.00, for a total transaction of $85,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David B. Becker bought 16,314 shares of the stock in a transaction dated Thursday, March 10th. The shares were bought at an average cost of $44.50 per share, with a total value of $725,973.00. The disclosure for this purchase can be found here. Corporate insiders own 8.00% of the company’s stock.

A number of hedge funds have recently modified their holdings of INBK. Morgan Stanley grew its holdings in First Internet Bancorp by 72.9% in the 2nd quarter. Morgan Stanley now owns 17,465 shares of the bank’s stock worth $542,000 after buying an additional 7,361 shares in the last quarter. Invesco Ltd. grew its holdings in First Internet Bancorp by 11.2% in the 2nd quarter. Invesco Ltd. now owns 16,202 shares of the bank’s stock worth $502,000 after buying an additional 1,627 shares in the last quarter. Parametric Portfolio Associates LLC grew its holdings in First Internet Bancorp by 9.9% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 8,716 shares of the bank’s stock worth $270,000 after buying an additional 786 shares in the last quarter. Acuitas Investments LLC grew its holdings in First Internet Bancorp by 25.8% in the 3rd quarter. Acuitas Investments LLC now owns 149,748 shares of the bank’s stock worth $4,669,000 after buying an additional 30,692 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in First Internet Bancorp during the 3rd quarter valued at $190,000. 68.31% of the stock is owned by institutional investors and hedge funds.

First Internet Bancorp Company Profile (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.

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