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

First Internet Bancorp (NASDAQ:INBK) posted its quarterly 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%. During the same quarter last year, the firm earned $0.39 EPS.

First Internet Bancorp Price Performance

Shares of NASDAQ INBK traded down $1.52 during trading on Thursday, hitting $35.00. The company had a trading volume of 5,531 shares, compared to its average volume of 52,228. 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 company has a market cap of $302.96 million, a P/E ratio of 18.01 and a beta of 0.66. The business’s 50-day moving average is $34.71 and its 200 day moving average is $32.31. First Internet Bancorp has a 52 week low of $14.11 and a 52 week high of $39.46.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.06 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.24 annualized dividend and a yield of 0.69%. First Internet Bancorp’s dividend payout ratio is presently 12.63%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Keefe, Bruyette & Woods lifted their price target on First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a research note on Friday, July 26th. 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. Craig Hallum raised their target price on First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 26th. Finally, Hovde Group upped their price target on First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Three 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 has a consensus rating of “Hold” and a consensus 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.