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

First Internet Bancorp (NASDAQ:INBK) posted its earnings results on Wednesday. The bank reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.01), RTT News reports. The firm had revenue of $87.02 million for the quarter, compared to the consensus estimate of $32.50 million. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.23%. During the same quarter in the prior year, the company posted $0.39 earnings per share.

First Internet Bancorp Trading Up 0.6 %

INBK stock traded up $0.20 during midday trading on Friday, reaching $35.14. The company’s stock had a trading volume of 34,455 shares, compared to its average volume of 52,373. First Internet Bancorp has a 1 year low of $14.90 and a 1 year high of $39.46. The firm has a market capitalization of $304.17 million, a price-to-earnings ratio of 18.49 and a beta of 0.66. The stock has a fifty day simple moving average of $34.76 and a two-hundred day simple moving average of $32.34. 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 Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Hovde Group lifted their price objective on shares of 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 boosted their price objective on First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods lifted their target price on First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. Finally, Piper Sandler increased their price target on First Internet Bancorp from $30.00 to $40.50 and gave the company a “neutral” rating in a report on Monday, July 29th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price 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.