First Internet Bancorp (INBK) Hits New 52-Week High on Earnings Beat
First Internet Bancorp (NASDAQ:INBK) shares reached a new 52-week high on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $37.35 and last traded at $37.20, with a volume of 154,882 shares changing hands. The stock had previously closed at $34.25.
The bank reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.08. The business had revenue of $17.33 million for the quarter, compared to analysts’ expectations of $16.90 million. First Internet Bancorp had a net margin of 17.60% and a return on equity of 9.74%.
The business also recently declared a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.65%. The ex-dividend date was Thursday, September 28th. First Internet Bancorp’s dividend payout ratio (DPR) is currently 10.04%.
Several analysts recently weighed in on INBK shares. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $36.00 price target on shares of First Internet Bancorp in a report on Monday, June 26th. Zacks Investment Research cut shares of First Internet Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 20th.
In related news, Director Jerry L. Williams purchased 2,100 shares of the business’s stock in a transaction that occurred on Wednesday, September 20th. The shares were acquired at an average price of $30.05 per share, for a total transaction of $63,105.00. Following the completion of the acquisition, the director now directly owns 35,836 shares in the company, valued at approximately $1,076,871.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman David B. Becker purchased 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 20th. The stock was bought at an average price of $30.02 per share, for a total transaction of $150,100.00. The disclosure for this purchase can be found here. Insiders own 7.60% of the company’s stock.
A number of institutional investors have recently made changes to their positions in INBK. Franklin Resources Inc. lifted its position in First Internet Bancorp by 239.6% during the second quarter. Franklin Resources Inc. now owns 186,800 shares of the bank’s stock valued at $5,240,000 after buying an additional 131,800 shares during the period. Vanguard Group Inc. lifted its position in First Internet Bancorp by 23.5% during the first quarter. Vanguard Group Inc. now owns 252,443 shares of the bank’s stock valued at $7,447,000 after buying an additional 48,053 shares during the period. Dimensional Fund Advisors LP lifted its position in First Internet Bancorp by 103.1% during the second quarter. Dimensional Fund Advisors LP now owns 46,348 shares of the bank’s stock valued at $1,300,000 after buying an additional 23,528 shares during the period. Kennedy Capital Management Inc. lifted its position 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 valued at $7,467,000 after buying an additional 16,467 shares during the period. Finally, Penn Capital Management Co. Inc. purchased a new position in First Internet Bancorp during the second quarter valued at $451,000. 45.00% of the stock is owned by institutional investors and hedge funds.
The company’s 50-day moving average is $32.43 and its 200 day moving average is $29.70. The stock has a market capitalization of $240.98 million, a price-to-earnings ratio of 16.66 and a beta of -0.06.
First Internet Bancorp Company Profile
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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