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

First Internet Bancorp (NASDAQ:INBK) issued its quarterly earnings data on Thursday. The bank reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05, FiscalAI reports. The business 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 Up 4.8%

INBK stock traded up $1.02 during trading on Thursday, reaching $22.24. 64,482 shares of the stock were exchanged, compared to its average volume of 50,566. The firm’s 50 day moving average is $20.94 and its 200 day moving average is $21.97. The firm has a market cap of $193.71 million, a P/E ratio of -5.85 and a beta of 0.81. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 1.01. First Internet Bancorp has a twelve month low of $17.05 and a twelve month high of $34.21.

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Wednesday, December 31st. First Internet Bancorp’s dividend payout ratio is -6.32%.

Insider Buying and Selling

In other news, COO Nicole S. Lorch acquired 2,000 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was purchased at an average price of $17.96 per share, for a total transaction of $35,920.00. Following the completion of the acquisition, the chief operating officer directly owned 70,206 shares in the company, valued at $1,260,899.76. The trade was a 2.93% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 8.00% of the company’s stock.

Institutional Trading of First Internet Bancorp

Hedge funds have recently bought and sold shares of the business. Jacobs Levy Equity Management Inc. increased its stake in First Internet Bancorp by 8.1% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 99,048 shares of the bank’s stock valued at $2,222,000 after purchasing an additional 7,394 shares in the last quarter. Citadel Advisors LLC grew its holdings in shares of First Internet Bancorp by 32.5% during the third 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 increased its position in shares of First Internet Bancorp by 44.1% during the third 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 in the last quarter. Ancora Advisors LLC increased its position in shares of First Internet Bancorp by 28.0% during the third 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 in the last quarter. Finally, Man Group plc raised its holdings in shares of 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. Institutional investors and hedge funds own 65.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Wall Street Zen upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Hovde Group reduced their price objective on shares of First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating on the stock in a research note on Friday, October 24th. Piper Sandler lowered their target price on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a research report on Monday, October 27th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday, December 29th. Finally, Zacks Research upgraded First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, December 25th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average 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).