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

First Internet Bancorp (NASDAQ:INBK) posted its quarterly earnings data on Wednesday. The bank reported $0.80 EPS 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 period in the prior year, the business earned $0.39 earnings per share.

First Internet Bancorp Trading Down 4.3 %

Shares of INBK stock opened at $34.94 on Friday. The firm has a fifty day moving average of $34.74 and a 200-day moving average of $32.32. The stock has a market cap of $302.44 million, a price-to-earnings ratio of 18.39 and a beta of 0.66. First Internet Bancorp has a 52-week low of $14.11 and a 52-week high of $39.46. 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 declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.24 dividend on an annualized basis and a yield of 0.69%. First Internet Bancorp’s dividend payout ratio is currently 12.63%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on INBK shares. Craig Hallum upped their price target on First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Hovde Group upped their target price on shares of First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Piper Sandler raised their price target 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. Finally, Keefe, Bruyette & Woods upped their price objective on shares of First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a research report on Friday, July 26th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, First Internet Bancorp presently 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.