First Internet Bancorp (INBK) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS
First Internet Bancorp (NASDAQ:INBK) announced its quarterly earnings results on Thursday. The bank reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.02, Yahoo Finance reports. The company had revenue of $17.90 million during the quarter, compared to the consensus estimate of $19.00 million. First Internet Bancorp had a net margin of 17.60% and a return on equity of 8.87%.
First Internet Bancorp (NASDAQ:INBK) traded up $0.40 during trading hours on Friday, reaching $40.55. 6,374 shares of the company’s stock were exchanged, compared to its average volume of 25,092. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.99 and a current ratio of 1.01. First Internet Bancorp has a fifty-two week low of $25.48 and a fifty-two week high of $42.40. The company has a market cap of $340.65 and a P/E ratio of 16.97.
The business also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date of this dividend was Thursday, December 28th. First Internet Bancorp’s dividend payout ratio (DPR) is presently 10.04%.
Several brokerages recently weighed in on INBK. Zacks Investment Research raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research report on Friday, January 12th. Hovde Group raised their price target on shares of First Internet Bancorp from $37.00 to $43.00 and gave the company an “outperform” rating in a research report on Monday, October 23rd. TheStreet raised shares of First Internet Bancorp from a “c+” rating to a “b” rating in a research report on Thursday, November 16th. BidaskClub downgraded shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, December 12th. Finally, ValuEngine downgraded shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 13th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. First Internet Bancorp presently has a consensus rating of “Buy” and an average target price of $43.75.
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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