First Internet Bancorp (NASDAQ:INBK) Announces Earnings Results

First Internet Bancorp (NASDAQ:INBK - Get Free Report) posted its earnings results on Wednesday. The bank reported $0.80 earnings per share 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 quarter in the previous year, the company earned $0.39 EPS.

First Internet Bancorp Trading Down 4.3 %

First Internet Bancorp stock traded down $1.58 during trading on Thursday, reaching $34.94. The company had a trading volume of 53,380 shares, compared to its average volume of 52,461. First Internet Bancorp has a 12-month low of $14.11 and a 12-month high of $39.46. The stock's 50 day moving average price is $34.74 and its two-hundred day moving average price is $32.32. The firm has a market capitalization of $302.44 million, a price-to-earnings ratio of 18.39 and a beta of 0.66. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.06 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.24 dividend on an annualized basis and a yield of 0.69%. First Internet Bancorp's payout ratio is 12.63%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on INBK. Keefe, Bruyette & Woods raised their target price on shares of 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 lifted their price target on shares of First Internet Bancorp from $30.00 to $40.50 and gave the stock a "neutral" rating in a report on Monday, July 29th. Hovde Group lifted their price target on shares of First Internet Bancorp from $38.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, July 26th. Finally, Craig Hallum lifted their price target on shares of First Internet Bancorp from $40.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, First Internet Bancorp has a consensus rating of "Hold" and a consensus 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.