Equities research analysts expect First Internet Bancorp (NASDAQ:INBK – Get Rating) to report $29.45 million in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for First Internet Bancorp’s earnings, with the highest sales estimate coming in at $30.10 million and the lowest estimate coming in at $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 business is scheduled to issue its next quarterly earnings results on Wednesday, April 20th.
On average, analysts expect that First Internet Bancorp will report full year sales of $138.45 million for the current year, with estimates ranging from $136.20 million to $140.70 million. For the next year, analysts forecast that the firm will report sales of $169.10 million, with estimates ranging from $164.10 million to $174.10 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for First Internet Bancorp.
First Internet Bancorp (NASDAQ:INBK – Get Rating) last announced its quarterly earnings data on Wednesday, January 19th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.03. First Internet Bancorp had a net margin of 28.86% and a return on equity of 13.00%. The firm had revenue of $31.20 million during the quarter, compared to analyst estimates of $30.45 million. During the same quarter in the prior year, the firm posted $1.12 earnings per share.
Several brokerages have weighed in on INBK. Piper Sandler lifted their target price on First Internet Bancorp from $50.00 to $61.00 and gave the company an “overweight” rating in a research note on Thursday, December 9th. StockNews.com raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, Zacks Investment Research upgraded First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $50.00 target price on the stock in a report on Wednesday, March 9th.
Shares of NASDAQ:INBK opened at $46.63 on Monday. The company has a 50 day moving average price of $48.88. The firm has a market capitalization of $451.56 million, a PE ratio of 9.67 and a beta of 0.72. First Internet Bancorp has a fifty-two week low of $28.05 and a fifty-two week high of $53.56. The company has a current ratio of 1.05, a quick ratio of 1.02 and a debt-to-equity ratio of 1.63.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 18th. Shareholders of record on Friday, December 31st were issued a dividend of $0.06 per share. The ex-dividend date was Thursday, December 30th. This represents a $0.24 annualized dividend and a yield of 0.51%. First Internet Bancorp’s payout ratio is presently 4.98%.
In other news, CEO David B. Becker bought 16,314 shares of First Internet Bancorp stock in a transaction dated Thursday, March 10th. The shares were bought at an average price of $44.50 per share, for a total transaction of $725,973.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jerry L. Williams sold 1,702 shares of the firm’s stock in a transaction on Tuesday, February 8th. The shares were sold at an average price of $50.00, for a total value of $85,100.00. The disclosure for this sale can be found here. 7.20% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Deutsche Bank AG grew its holdings in shares of First Internet Bancorp by 5.6% during the fourth quarter. Deutsche Bank AG now owns 5,652 shares of the bank’s stock worth $266,000 after buying an additional 300 shares in the last quarter. Royal Bank of Canada lifted its holdings in First Internet Bancorp by 5.7% during the 3rd quarter. Royal Bank of Canada now owns 8,286 shares of the bank’s stock valued at $258,000 after purchasing an additional 450 shares during the last quarter. New York State Common Retirement Fund raised its holdings in First Internet Bancorp by 8.1% in the 4th quarter. New York State Common Retirement Fund now owns 6,674 shares of the bank’s stock valued at $314,000 after acquiring an additional 500 shares during the period. Stifel Financial Corp increased its position in First Internet Bancorp by 1.4% during the 4th quarter. Stifel Financial Corp now owns 43,435 shares of the bank’s stock worth $2,043,000 after buying an additional 600 shares during the period. Finally, Citigroup Inc. boosted its holdings in First Internet Bancorp by 139.7% in the 3rd quarter. Citigroup Inc. now owns 1,062 shares of the bank’s stock valued at $33,000 after purchasing an additional 619 shares during the period. Institutional investors own 68.31% of the company’s stock.
About First Internet Bancorp (Get Rating)
First Internet Bancorp engages in the provision of online commercial and retail banking products and services. It offers first-lien residential mortgage loans, consumer loans and credit cards & CRE loans in Indiana and other parts of the midwest in the form of office, retail, industrial, and multifamily loans, with credit tenant lease financing.
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