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

First Internet Bancorp (NASDAQ:INBK) issued its quarterly earnings results on Wednesday. The bank reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.01), RTT News reports. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.23%. During the same period last year, the firm posted $0.39 earnings per share.

First Internet Bancorp Price Performance

INBK stock traded down $2.31 during midday trading on Thursday, hitting $34.21. 8,569 shares of the stock were exchanged, compared to its average volume of 52,207. 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 stock has a market cap of $296.12 million, a price-to-earnings ratio of 19.22 and a beta of 0.66. First Internet Bancorp has a fifty-two week low of $14.11 and a fifty-two week high of $39.46. The stock’s 50-day moving average price is $34.71 and its 200-day moving average price is $32.31.

First Internet Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.70%. The ex-dividend date was Monday, September 30th. First Internet Bancorp’s payout ratio is currently 12.63%.

Wall Street Analyst Weigh In

Several analysts have recently commented on INBK shares. Craig Hallum raised their target price on shares of First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods lifted their price objective on First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a report on Friday, July 26th. Piper Sandler increased their target price on First Internet Bancorp from $30.00 to $40.50 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Finally, Hovde Group lifted their price target on First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, First Internet Bancorp currently has an average rating of “Hold” and a consensus price target of $42.88.

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.