FIG Partners Analysts Lower Earnings Estimates for First Internet Bancorp (INBK)
First Internet Bancorp (NASDAQ:INBK) – Equities researchers at FIG Partners cut their Q3 2017 EPS estimates for shares of First Internet Bancorp in a report released on Wednesday. FIG Partners analyst J. Rodis now forecasts that the bank will post earnings per share of $0.70 for the quarter, down from their previous estimate of $0.72. FIG Partners also issued estimates for First Internet Bancorp’s Q4 2017 earnings at $0.61 EPS, FY2017 earnings at $2.35 EPS and FY2018 earnings at $2.97 EPS.
Other equities research analysts also recently issued research reports about the company. Keefe, Bruyette & Woods restated a “buy” rating and set a $36.00 price objective on shares of First Internet Bancorp in a report on Thursday, July 27th. Zacks Investment Research downgraded First Internet Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday.
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Shares of First Internet Bancorp (INBK) opened at 30.05 on Friday. The stock has a 50 day moving average price of $31.00 and a 200 day moving average price of $29.16. First Internet Bancorp has a 12-month low of $22.54 and a 12-month high of $33.35. The firm has a market cap of $195.72 million, a P/E ratio of 13.53 and a beta of -0.06.
First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.06. The company had revenue of $15.71 million during the quarter, compared to analysts’ expectations of $15.00 million. First Internet Bancorp had a net margin of 16.58% and a return on equity of 8.91%.
A number of institutional investors have recently made changes to their positions in the stock. Kennedy Capital Management Inc. grew its holdings in First Internet Bancorp by 6.6% during the second quarter. Kennedy Capital Management Inc. now owns 266,218 shares of the bank’s stock worth $7,467,000 after buying an additional 16,467 shares in the last quarter. Vanguard Group Inc. grew its holdings in First Internet Bancorp by 1.1% during the second quarter. Vanguard Group Inc. now owns 255,203 shares of the bank’s stock worth $7,158,000 after buying an additional 2,760 shares in the last quarter. Heartland Advisors Inc. grew its holdings in First Internet Bancorp by 0.7% during the second quarter. Heartland Advisors Inc. now owns 226,500 shares of the bank’s stock worth $6,353,000 after buying an additional 1,500 shares in the last quarter. Franklin Resources Inc. grew its holdings in First Internet Bancorp by 239.6% during the second quarter. Franklin Resources Inc. now owns 186,800 shares of the bank’s stock worth $5,240,000 after buying an additional 131,800 shares in the last quarter. Finally, Stifel Financial Corp grew its holdings in First Internet Bancorp by 2.1% during the second quarter. Stifel Financial Corp now owns 143,471 shares of the bank’s stock worth $4,022,000 after buying an additional 2,945 shares in the last quarter. Institutional investors and hedge funds own 58.13% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.24 annualized dividend and a yield of 0.80%. First Internet Bancorp’s dividend payout ratio (DPR) is currently 10.76%.
About First Internet Bancorp
First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana (the Bank). The Company offers a complement of products and services on a nationwide basis. The Company conducts its deposit operations primarily over the Internet.
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