Zacks: Analysts Expect First Internet Bancorp (NASDAQ:INBK) Will Announce Quarterly Sales of $29.45 Million

Wall Street analysts predict that First Internet Bancorp (NASDAQ:INBK – Get Rating) will post sales of $29.45 million for the current fiscal quarter, according to Zacks Investment Research. 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 posted sales of $28.90 million in the same quarter last year, which indicates a positive year over year growth rate of 1.9%. The firm is expected to report its next quarterly earnings report on Wednesday, April 20th.

According to Zacks, analysts expect that First Internet Bancorp will report full-year sales of $138.45 million for the current financial year, with estimates ranging from $136.20 million to $140.70 million. For the next financial year, analysts expect that the company 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 research firms that follow First Internet Bancorp.

First Internet Bancorp (NASDAQ:INBK – Get Rating) last posted its earnings results on Wednesday, January 19th. The bank reported $1.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.27 by $0.03. First Internet Bancorp had a net margin of 28.86% and a return on equity of 13.21%. The firm had revenue of $31.20 million during the quarter, compared to the consensus estimate of $30.45 million. During the same period last year, the firm posted $1.12 EPS.

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A number of research analysts have recently commented on INBK shares. Craig Hallum boosted their target price on shares of First Internet Bancorp from $48.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, November 3rd. Piper Sandler boosted their target price on shares of First Internet Bancorp from $50.00 to $61.00 and gave the company an “overweight” rating in a research note on Thursday, December 9th. Finally, Zacks Investment Research upgraded shares of First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $55.00 price target for the company in a research report on Wednesday, January 5th.

In other news, Director Jerry L. Williams sold 1,702 shares of the company’s stock in a transaction dated Tuesday, February 8th. The stock was 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 SEC, which is accessible through this link. Also, CEO David B. Becker acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 30th. The stock was purchased at an average price of $43.25 per share, for a total transaction of $432,500.00. The disclosure for this purchase can be found here. 7.20% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in INBK. Citigroup Inc. increased its holdings in First Internet Bancorp by 139.7% in the third quarter. Citigroup Inc. now owns 1,062 shares of the bank’s stock worth $33,000 after buying an additional 619 shares during the last quarter. Dorsey Wright & Associates acquired a new position in First Internet Bancorp during the fourth quarter valued at approximately $57,000. Denali Advisors LLC acquired a new position in First Internet Bancorp during the fourth quarter valued at approximately $66,000. Metropolitan Life Insurance Co NY acquired a new position in First Internet Bancorp during the third quarter valued at approximately $80,000. Finally, BNP Paribas Arbitrage SA grew its holdings in First Internet Bancorp by 73.3% during the third quarter. BNP Paribas Arbitrage SA now owns 2,563 shares of the bank’s stock valued at $80,000 after purchasing an additional 1,084 shares during the last quarter. Hedge funds and other institutional investors own 68.31% of the company’s stock.

Shares of INBK stock opened at $49.18 on Monday. The firm has a market capitalization of $484.42 million, a PE ratio of 10.20 and a beta of 0.71. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 1.67. 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 $49.25.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 18th. Shareholders of record on Friday, December 31st were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date was Thursday, December 30th. First Internet Bancorp’s payout ratio is 4.98%.

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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