First Internet Bancorp (NASDAQ:INBK – Get Rating) announced its quarterly earnings results on Wednesday. The bank reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.15, Fidelity Earnings reports. First Internet Bancorp had a net margin of 28.86% and a return on equity of 13.00%. During the same quarter in the prior year, the company posted $1.05 earnings per share.
Shares of INBK traded down $0.83 during trading hours on Friday, hitting $41.87. The company had a trading volume of 138 shares, compared to its average volume of 43,864. The firm has a market cap of $405.47 million, a price-to-earnings ratio of 8.86 and a beta of 0.69. The business has a fifty day moving average of $45.31 and a 200-day moving average of $44.39. First Internet Bancorp has a 12 month low of $28.05 and a 12 month high of $53.56. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 1.63.
The business also recently disclosed a quarterly dividend, which was paid on Monday, April 18th. Stockholders of record on Thursday, March 31st were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend was Wednesday, March 30th. First Internet Bancorp’s payout ratio is presently 4.98%.
Several equities research analysts have recently commented on INBK shares. StockNews.com assumed coverage on shares of First Internet Bancorp in a research report on Thursday, March 31st. They set a “buy” rating for the company. Piper Sandler cut their price objective on shares of First Internet Bancorp from $68.00 to $54.00 and set an “overweight” rating on the stock in a research report on Friday. Keefe, Bruyette & Woods cut their price objective on shares of First Internet Bancorp from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Zacks Investment Research raised shares of First Internet Bancorp from a “hold” rating to a “strong-buy” rating and set a $50.00 price objective on the stock in a research report on Wednesday, March 9th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $55.25.
In other First Internet Bancorp news, Director Jerry L. Williams sold 1,702 shares of the firm’s stock in a transaction that occurred on Tuesday, February 8th. The shares were sold at an average price of $50.00, for a total transaction of $85,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David B. Becker purchased 16,314 shares of the stock in a transaction on Thursday, March 10th. The shares were purchased at an average price of $44.50 per share, with a total value of $725,973.00. The disclosure for this purchase can be found here. 8.00% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of INBK. BNP Paribas Arbitrage SA grew its position in First Internet Bancorp by 73.3% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 2,563 shares of the bank’s stock valued at $80,000 after purchasing an additional 1,084 shares during the period. Citigroup Inc. boosted its holdings in First Internet Bancorp by 111.8% during the 4th quarter. Citigroup Inc. now owns 2,249 shares of the bank’s stock worth $106,000 after acquiring an additional 1,187 shares during the last quarter. Alliancebernstein L.P. purchased a new position in First Internet Bancorp during the 4th quarter worth $226,000. Cubist Systematic Strategies LLC bought a new stake in shares of First Internet Bancorp during the 4th quarter worth $247,000. Finally, Royal Bank of Canada raised its stake in First Internet Bancorp by 5.7% in the 3rd quarter. Royal Bank of Canada now owns 8,286 shares of the bank’s stock valued at $258,000 after acquiring an additional 450 shares during the period. 68.31% of the stock is owned by institutional investors and hedge funds.
About First Internet Bancorp (Get Rating)
First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, savings, money market, and brokered deposit accounts, as well as certificates of deposit.
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