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

First Internet Bancorp (NASDAQ:INBK) posted its earnings results on Wednesday. The bank reported $0.72 earnings per share for the quarter, hitting the consensus estimate of $0.72, Zacks reports. The firm had revenue of $81.99 million for the quarter, compared to analyst estimates of $30.55 million. First Internet Bancorp had a return on equity of 4.64% and a net margin of 5.84%. During the same period in the previous year, the company posted $0.44 earnings per share.

First Internet Bancorp Stock Down 0.5 %

Shares of NASDAQ:INBK traded down $0.18 during midday trading on Thursday, reaching $35.91. The company had a trading volume of 42,844 shares, compared to its average volume of 59,487. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.85. The business’s 50 day moving average price is $29.47 and its 200 day moving average price is $30.58. The stock has a market cap of $310.84 million, a PE ratio of 18.78 and a beta of 0.68. First Internet Bancorp has a 1-year low of $14.11 and a 1-year high of $37.69.

First Internet Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date of this dividend was Friday, June 28th. First Internet Bancorp’s dividend payout ratio is currently 12.63%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on INBK shares. Hovde Group dropped their price target on First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $36.00 price target (up previously from $34.00) on shares of First Internet Bancorp in a research note on Friday, April 26th. Finally, Piper Sandler dropped their price target on First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating on the stock in a research note on Monday, April 29th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $35.75.

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.