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.
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.
Get a free copy of the Zacks research report on First Internet Bancorp (INBK)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Should you invest $1,000 in First Internet Bancorp right now?
Before you consider First Internet Bancorp, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and First Internet Bancorp wasn’t on the list.
While First Internet Bancorp currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
View The 5 Stocks Here