Zacks: Analysts Expect First Internet Bancorp (NASDAQ:INBK) Will Post Earnings of $1.07 Per Share

Wall Street analysts expect that First Internet Bancorp (NASDAQ:INBK – Get Rating) will report earnings of $1.07 per share for the current quarter, according to Zacks. Two analysts have provided estimates for First Internet Bancorp’s earnings. The lowest EPS estimate is $1.06 and the highest is $1.07. First Internet Bancorp reported earnings of $1.11 per share in the same quarter last year, which indicates a negative year-over-year growth rate of 3.6%. The business is scheduled to announce its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that First Internet Bancorp will report full-year earnings of $4.46 per share for the current financial year. For the next financial year, analysts expect 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 an average based on a survey of sell-side analysts that follow First Internet Bancorp.

First Internet Bancorp (NASDAQ:INBK – Get Rating) last issued its earnings results on Wednesday, April 20th. The bank reported $1.14 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 period in the prior year, the firm posted $1.05 EPS.

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

In related news, CEO David B. Becker purchased 30,000 shares of the stock in a transaction dated Tuesday, May 3rd. The stock was bought at an average cost of $36.42 per share, with a total value of $1,092,600.00. Following the purchase, the chief executive officer now directly owns 420,011 shares in the company, valued at approximately $15,296,800.62. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David B. Becker purchased 16,314 shares of the stock in a transaction dated Thursday, March 10th. The stock was bought at an average cost of $44.50 per share, with a total value of $725,973.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 51,314 shares of company stock worth $2,006,573. Corporate insiders own 7.20% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Citigroup Inc. increased its stake in 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 bought a new stake in First Internet Bancorp during the 4th quarter worth approximately $57,000. Denali Advisors LLC bought a new stake in First Internet Bancorp during the 4th quarter worth approximately $66,000. Metropolitan Life Insurance Co NY bought a new stake in First Internet Bancorp during the 3rd quarter worth approximately $80,000. Finally, BNP Paribas Arbitrage SA increased its stake in First Internet Bancorp by 73.3% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 2,563 shares of the bank’s stock worth $80,000 after purchasing an additional 1,084 shares in the last quarter. 70.50% of the stock is owned by institutional investors.

NASDAQ INBK traded down $0.15 on Friday, hitting $36.59. 55,100 shares of the company were exchanged, compared to its average volume of 50,177. The firm has a 50 day moving average of $41.11 and a two-hundred day moving average of $45.02. The company has a market cap of $353.31 million, a P/E ratio of 7.45 and a beta of 0.73. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 1.65. First Internet Bancorp has a 1-year low of $28.05 and a 1-year high of $53.56.

The firm also recently announced a quarterly dividend, which was paid on Monday, April 18th. Shareholders of record on Thursday, March 31st were given a dividend of $0.06 per share. The ex-dividend date was Wednesday, March 30th. This represents a $0.24 dividend on an annualized basis and a yield of 0.66%. First Internet Bancorp’s payout ratio is presently 4.89%.

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.

See Also

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