First Internet Bancorp (NASDAQ:INBK) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

First Internet Bancorp (NASDAQ:INBK) posted its earnings results on Thursday. The bank reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05, FiscalAI reports. The company had revenue of $42.11 million for the quarter, compared to analyst estimates of $32.80 million. First Internet Bancorp had a negative return on equity of 2.05% and a negative net margin of 9.35%.

First Internet Bancorp Stock Performance

INBK traded up $1.02 during midday trading on Thursday, reaching $22.24. The company had a trading volume of 64,482 shares, compared to its average volume of 50,566. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $34.21. The business has a 50-day moving average price of $20.94 and a two-hundred day moving average price of $21.97. The stock has a market cap of $193.71 million, a PE ratio of -5.85 and a beta of 0.81. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91.

First Internet Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.24 annualized dividend and a yield of 1.1%. First Internet Bancorp’s payout ratio is currently -6.32%.

Insider Activity

In related news, COO Nicole S. Lorch purchased 2,000 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were bought at an average price of $17.96 per share, with a total value of $35,920.00. Following the acquisition, the chief operating officer owned 70,206 shares of the company’s stock, valued at $1,260,899.76. This trade represents a 2.93% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 8.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Internet Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. increased its position in First Internet Bancorp by 8.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 99,048 shares of the bank’s stock worth $2,222,000 after buying an additional 7,394 shares during the last quarter. Citadel Advisors LLC lifted its position in shares of First Internet Bancorp by 32.5% during the 3rd quarter. Citadel Advisors LLC now owns 106,932 shares of the bank’s stock valued at $2,398,000 after buying an additional 26,239 shares during the last quarter. Bank of America Corp DE grew its stake in shares of First Internet Bancorp by 44.1% during the 3rd quarter. Bank of America Corp DE now owns 31,566 shares of the bank’s stock worth $708,000 after acquiring an additional 9,661 shares during the period. Ancora Advisors LLC increased its holdings in First Internet Bancorp by 28.0% in the 3rd quarter. Ancora Advisors LLC now owns 50,708 shares of the bank’s stock worth $1,137,000 after acquiring an additional 11,095 shares during the last quarter. Finally, Man Group plc increased its holdings in First Internet Bancorp by 5.1% in the 3rd quarter. Man Group plc now owns 21,818 shares of the bank’s stock worth $489,000 after acquiring an additional 1,053 shares during the last quarter. 65.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Hovde Group lowered their price target on First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. Piper Sandler lowered their target price on shares of First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a report on Monday, October 27th. Keefe, Bruyette & Woods dropped their price target on shares of First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating on the stock in a research report on Friday, October 24th. Wall Street Zen raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Zacks Research raised shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, December 25th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $24.33.

First Internet Bancorp Company Profile

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).