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

First Internet Bancorp (NASDAQ:INBK) released 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%. The business had revenue of $87.02 million during the quarter, compared to analysts’ expectations of $32.50 million. During the same quarter in the previous year, the business earned $0.39 EPS.

First Internet Bancorp Stock Performance

NASDAQ INBK traded up $0.31 during mid-day trading on Friday, reaching $35.25. 5,519 shares of the stock were exchanged, compared to its average volume of 52,233. The business’s 50 day moving average is $34.74 and its 200-day moving average is $32.32. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.01 and a current ratio of 1.02. First Internet Bancorp has a 1 year low of $14.90 and a 1 year high of $39.46. The company has a market capitalization of $305.12 million, a P/E ratio of 18.39 and a beta of 0.66.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.68%. The ex-dividend date was Monday, September 30th. First Internet Bancorp’s dividend payout ratio is currently 12.63%.

Wall Street Analysts Forecast Growth

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

About First Internet Bancorp

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.