Wall Street analysts expect First Internet Bancorp (NASDAQ:INBK – Get Rating) to post sales of $31.90 million for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for First Internet Bancorp’s earnings, with the lowest sales estimate coming in at $31.80 million and the highest estimate coming in at $32.00 million. First Internet Bancorp posted sales of $30.57 million during the same quarter last year, which suggests a positive year over year growth rate of 4.4%. The business is scheduled to issue its next earnings report on Monday, January 1st.
On average, analysts expect that First Internet Bancorp will report full-year sales of $139.05 million for the current financial year, with estimates ranging from $137.00 million to $141.10 million. For the next fiscal year, analysts anticipate that the firm will post sales of $171.95 million, with estimates ranging from $163.70 million to $180.20 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow First Internet Bancorp.
First Internet Bancorp (NASDAQ:INBK – Get Rating) last released its earnings results on Wednesday, April 20th. The bank reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 last year, the company earned $1.05 EPS.
A number of brokerages have commented on INBK. Keefe, Bruyette & Woods decreased their price objective on 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. 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 report on Wednesday, March 9th. StockNews.com assumed coverage on First Internet Bancorp in a research report on Thursday, March 31st. They set a “buy” rating for the company. Finally, Piper Sandler reduced their price target on First Internet Bancorp from $68.00 to $54.00 and set an “overweight” rating for the company in a report on Friday, April 22nd. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $55.25.
NASDAQ:INBK opened at $38.49 on Monday. First Internet Bancorp has a 1-year low of $28.05 and a 1-year high of $53.56. The firm has a market cap of $372.74 million, a price-to-earnings ratio of 7.84 and a beta of 0.69. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.05 and a quick ratio of 1.03. The company has a fifty day moving average of $44.00.
The firm also recently declared a quarterly dividend, which was paid on Monday, April 18th. Shareholders of record on Thursday, March 31st were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.62%. The ex-dividend date was Wednesday, March 30th. First Internet Bancorp’s dividend payout ratio is currently 4.89%.
In other news, CEO David B. Becker acquired 16,314 shares of the firm’s stock in a transaction dated Thursday, March 10th. The shares were bought at an average price of $44.50 per share, with a total value of $725,973.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jerry L. Williams sold 1,702 shares of First Internet Bancorp stock in a transaction that occurred on Tuesday, February 8th. The stock was 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. Insiders own 7.20% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Morgan Stanley boosted its stake in First Internet Bancorp by 72.9% in the 2nd quarter. Morgan Stanley now owns 17,465 shares of the bank’s stock valued at $542,000 after buying an additional 7,361 shares in the last quarter. SG Americas Securities LLC acquired a new stake in First Internet Bancorp in the 3rd quarter valued at $190,000. Victory Capital Management Inc. boosted its stake in First Internet Bancorp by 50.0% in the 3rd quarter. Victory Capital Management Inc. now owns 46,050 shares of the bank’s stock valued at $1,436,000 after buying an additional 15,350 shares in the last quarter. LSV Asset Management boosted its stake in First Internet Bancorp by 52.0% in the 3rd quarter. LSV Asset Management now owns 146,127 shares of the bank’s stock valued at $4,556,000 after buying an additional 50,012 shares in the last quarter. Finally, Boston Partners boosted its stake in First Internet Bancorp by 3.0% in the 3rd quarter. Boston Partners now owns 79,809 shares of the bank’s stock valued at $2,488,000 after buying an additional 2,288 shares in the last quarter. 68.31% of the stock is currently owned by institutional investors.
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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