Analysts predict that First Internet Bancorp (NASDAQ:INBK – Get Rating) will post $1.03 earnings per share (EPS) for the current quarter, Zacks reports. Two analysts have made estimates for First Internet Bancorp’s earnings. The lowest EPS estimate is $1.00 and the highest is $1.06. First Internet Bancorp reported earnings per share of $1.11 during the same quarter last year, which suggests a negative year-over-year growth rate of 7.2%. The company is expected to issue its next quarterly earnings results on Monday, January 1st.
According to Zacks, analysts expect that First Internet Bancorp will report full-year earnings of $4.41 per share for the current year. For the next financial year, analysts forecast that the business will post earnings of $6.15 per share, with EPS estimates ranging from $5.90 to $6.40. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that that provide coverage for First Internet Bancorp.
First Internet Bancorp (NASDAQ:INBK – Get Rating) last issued its quarterly earnings results on Wednesday, April 20th. The bank reported $1.14 EPS for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.15. First Internet Bancorp had a return on equity of 13.21% and a net margin of 29.10%. During the same quarter in the previous year, the company posted $1.05 earnings per share.
INBK has been the subject of several recent analyst reports. Piper Sandler cut their price target on First Internet Bancorp from $68.00 to $54.00 and set an “overweight” rating for the company in a research note on Friday, April 22nd. StockNews.com began coverage on First Internet Bancorp in a research note on Thursday, March 31st. They set a “buy” rating for the company. Zacks Investment Research upgraded First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $50.00 price objective for the company in a research note on Wednesday, March 9th. Finally, Keefe, Bruyette & Woods cut their price objective on First Internet Bancorp from $66.00 to $62.00 and set an “outperform” rating for the company in a research note on Thursday, April 21st. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $55.25.
Shares of INBK stock traded down $1.32 on Friday, hitting $38.49. The company had a trading volume of 65,136 shares, compared to its average volume of 31,072. The firm has a market cap of $372.58 million, a P/E ratio of 7.84 and a beta of 0.69. The company has a 50-day moving average price of $44.00 and a 200-day moving average price of $44.74. 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 twelve month low of $28.05 and a twelve month high of $53.56.
The business also recently disclosed a quarterly dividend, which was paid on Monday, April 18th. Stockholders of record on Thursday, March 31st were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.62%. The ex-dividend date of this dividend was Wednesday, March 30th. First Internet Bancorp’s payout ratio is currently 4.89%.
In related news, Director Jerry L. Williams sold 1,702 shares of the firm’s stock in a transaction dated Tuesday, February 8th. The shares were sold at an average price of $50.00, for a total value of $85,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David B. Becker acquired 16,314 shares of First Internet Bancorp stock in a transaction that occurred on Thursday, March 10th. The stock was purchased at an average price of $44.50 per share, with a total value of $725,973.00. The disclosure for this purchase can be found here. 7.20% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. Citigroup Inc. increased its stake in shares of First Internet Bancorp by 139.7% during the 3rd quarter. Citigroup Inc. now owns 1,062 shares of the bank’s stock worth $33,000 after purchasing an additional 619 shares in the last quarter. Dorsey Wright & Associates purchased a new stake in First Internet Bancorp in the 4th quarter worth approximately $57,000. Denali Advisors LLC purchased a new stake in First Internet Bancorp in the 4th quarter worth approximately $66,000. Metropolitan Life Insurance Co NY purchased a new stake in First Internet Bancorp in the 3rd quarter worth approximately $80,000. Finally, BNP Paribas Arbitrage SA grew its stake in First Internet Bancorp by 73.3% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 2,563 shares of the bank’s stock worth $80,000 after acquiring an additional 1,084 shares during the period. Hedge funds and other institutional investors own 68.31% of the company’s stock.
About First Internet Bancorp (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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