First Internet Bancorp (NASDAQ:INBK) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

First Internet Bancorp (NASDAQ:INBK) announced its earnings results on Wednesday. The bank reported $0.80 earnings per share (EPS) 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 last year, the business posted $0.39 EPS.

First Internet Bancorp Stock Down 6.3 %

Shares of INBK stock traded down $2.31 on Thursday, hitting $34.21. The stock had a trading volume of 8,569 shares, compared to its average volume of 52,207. 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 stock’s 50 day moving average is $34.71 and its 200-day moving average is $32.31. The firm has a market capitalization of $296.12 million, a price-to-earnings ratio of 19.22 and a beta of 0.66. First Internet Bancorp has a 52-week low of $14.11 and a 52-week high of $39.46.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date was Monday, September 30th. First Internet Bancorp’s dividend payout ratio is presently 12.63%.

Wall Street Analysts Forecast Growth

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