First Internet Bancorp (NASDAQ:INBK) Announces Earnings Results

First Internet Bancorp (NASDAQ:INBK) posted its quarterly earnings data on Wednesday. The bank reported $0.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.72, Zacks reports. First Internet Bancorp had a return on equity of 5.27% and a net margin of 6.12%. The company had revenue of $81.99 million for the quarter, compared to the consensus estimate of $30.55 million. During the same period in the previous year, the business earned $0.44 EPS.

First Internet Bancorp Trading Up 8.9 %

INBK traded up $3.19 on Friday, reaching $39.10. 92,500 shares of the company traded hands, compared to its average volume of 108,827. The company has a market cap of $338.61 million, a P/E ratio of 20.58 and a beta of 0.68. First Internet Bancorp has a one year low of $14.11 and a one year high of $39.46. The firm has a fifty day simple moving average of $29.68 and a two-hundred day simple moving average of $30.72. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.85.

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a dividend of $0.06 per share. The ex-dividend date was Friday, June 28th. This represents a $0.24 dividend on an annualized basis and a yield of 0.61%. First Internet Bancorp’s dividend payout ratio (DPR) is currently 12.63%.

Wall Street Analysts Forecast Growth

INBK has been the subject of a number of recent analyst reports. Craig Hallum raised their price target on shares of First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday. Hovde Group increased their price objective 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. Keefe, Bruyette & Woods boosted their target price on shares of First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a research report on Friday. Finally, Piper Sandler cut their target price on shares of First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating on the stock in a research note on Monday, April 29th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $41.25.

First Internet Bancorp Company Profile

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.