First Internet Bancorp (NASDAQ:INBK) Issues Quarterly Earnings Results

First Internet Bancorp (NASDAQ:INBK) issued its earnings results on Wednesday. The bank reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.01), RTT News reports. First Internet Bancorp had a return on equity of 5.23% and a net margin of 6.12%. During the same quarter in the prior year, the business posted $0.39 EPS.

First Internet Bancorp Trading Down 8.2 %

INBK stock traded down $3.01 during trading on Thursday, hitting $33.51. 9,352 shares of the company traded hands, compared to its average volume of 52,247. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.01 and a current ratio of 1.02. The company has a 50-day moving average of $34.71 and a 200-day moving average of $32.31. The firm has a market capitalization of $290.06 million, a PE ratio of 18.01 and a beta of 0.66. First Internet Bancorp has a 1 year low of $14.11 and a 1 year high of $39.46.

First Internet Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.06 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.24 annualized dividend and a dividend yield of 0.72%. First Internet Bancorp’s dividend payout ratio is currently 12.63%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on INBK. Piper Sandler raised their price objective on shares of First Internet Bancorp from $30.00 to $40.50 and gave the company a “neutral” rating in a research report on Monday, July 29th. Hovde Group upped their target price on First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Craig Hallum lifted their price target on First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $42.88.

First Internet Bancorp Company Profile

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.