First Internet Bancorp (NASDAQ:INBK) Expected to Announce Earnings of $1.07 Per Share


Wall Street analysts expect that First Internet Bancorp (NASDAQ:INBK – Get Rating) will post earnings of $1.07 per share for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for First Internet Bancorp’s earnings, with estimates ranging from $1.06 to $1.07. 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 3.6%. The firm is expected to report its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that First Internet Bancorp will report full-year earnings of $4.46 per share for the current year. For the next financial year, analysts forecast that the firm will post earnings of $5.04 per share, with EPS estimates ranging from $4.58 to $5.49. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that follow First Internet Bancorp.

First Internet Bancorp (NASDAQ:INBK – Get Rating) last announced its quarterly earnings results on Wednesday, April 20th. The bank reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.15. First Internet Bancorp had a net margin of 29.10% and a return on equity of 13.17%. During the same quarter in the prior year, the company posted $1.05 earnings per share.

Several equities analysts recently issued reports on INBK shares. Piper Sandler cut their price target on shares of First Internet Bancorp from $68.00 to $54.00 and set an “overweight” rating for the company in a report on Friday, April 22nd. Craig Hallum lowered their price objective on shares of First Internet Bancorp from $70.00 to $60.00 in a research report on Tuesday, May 3rd. Zacks Investment Research cut shares of First Internet Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, May 5th. Keefe, Bruyette & Woods lowered their price objective on shares of First Internet Bancorp from $66.00 to $62.00 and set an “outperform” rating for the company in a research report on Thursday, April 21st. Finally, StockNews.com initiated coverage on shares of First Internet Bancorp in a research report on Thursday, March 31st. They issued a “buy” rating for the company. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, First Internet Bancorp has a consensus rating of “Buy” and a consensus price target of $56.50.

In other news, CEO David B. Becker acquired 16,314 shares of the stock in a transaction on Thursday, March 10th. The stock was acquired at an average cost of $44.50 per share, for a total transaction of $725,973.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Aasif M. Bade acquired 5,000 shares of the stock in a transaction on Tuesday, May 3rd. The shares were purchased at an average price of $37.60 per share, with a total value of $188,000.00. Following the completion of the transaction, the director now owns 7,314 shares of the company’s stock, valued at $275,006.40. The disclosure for this purchase can be found here. Insiders have purchased 51,314 shares of company stock valued at $2,006,573 in the last quarter. 7.20% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of INBK. Wellington Management Group LLP bought a new stake in shares of First Internet Bancorp during the first quarter worth $4,203,000. Gator Capital Management LLC bought a new stake in shares of First Internet Bancorp during the fourth quarter worth $2,765,000. Fiduciary Trust Co. increased its holdings in First Internet Bancorp by 189.8% in the fourth quarter. Fiduciary Trust Co. now owns 89,293 shares of the bank’s stock valued at $4,201,000 after purchasing an additional 58,483 shares during the period. Prudential Financial Inc. raised its position in First Internet Bancorp by 104.6% during the 1st quarter. Prudential Financial Inc. now owns 69,588 shares of the bank’s stock worth $2,993,000 after purchasing an additional 35,580 shares during the last quarter. Finally, Invesco Ltd. raised its position in First Internet Bancorp by 194.2% during the 4th quarter. Invesco Ltd. now owns 52,954 shares of the bank’s stock worth $2,491,000 after purchasing an additional 34,953 shares during the last quarter. 70.50% of the stock is currently owned by hedge funds and other institutional investors.

INBK stock traded down $0.15 during trading on Friday, hitting $36.59. 55,100 shares of the stock traded hands, compared to its average volume of 50,177. First Internet Bancorp has a one year low of $28.05 and a one year high of $53.56. The stock has a market cap of $353.31 million, a price-to-earnings ratio of 7.45 and a beta of 0.73. The company has a 50 day simple moving average of $41.11 and a 200 day simple moving average of $45.02. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 1.65.

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 18th. Stockholders of record on Thursday, March 31st were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.66%. The ex-dividend date was Wednesday, March 30th. First Internet Bancorp’s payout ratio is 4.89%.

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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