Equities research analysts expect that First Internet Bancorp (NASDAQ:INBK) will announce $20.72 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for First Internet Bancorp’s earnings, with the lowest sales estimate coming in at $20.10 million and the highest estimate coming in at $21.33 million. First Internet Bancorp reported sales of $19.56 million in the same quarter last year, which indicates a positive year-over-year growth rate of 5.9%. The company is expected to issue its next earnings results on Wednesday, July 22nd.
On average, analysts expect that First Internet Bancorp will report full year sales of $83.95 million for the current fiscal year, with estimates ranging from $82.70 million to $85.20 million. For the next year, analysts forecast that the company will report sales of $87.86 million, with estimates ranging from $87.32 million to $88.40 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow First Internet Bancorp.
First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.07. The firm had revenue of $21.23 million during the quarter, compared to analysts’ expectations of $20.79 million. First Internet Bancorp had a net margin of 15.10% and a return on equity of 8.51%.
INBK has been the subject of several recent analyst reports. Zacks Investment Research raised shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Thursday, June 25th. Craig Hallum dropped their price objective on shares of First Internet Bancorp from $33.00 to $30.00 and set a “buy” rating for the company in a report on Friday, April 24th. Piper Sandler lowered their price target on shares of First Internet Bancorp from $23.00 to $18.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Finally, ValuEngine lowered shares of First Internet Bancorp from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 17th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $27.00.
Institutional investors have recently modified their holdings of the stock. State Street Corp boosted its stake in First Internet Bancorp by 2.8% in the first quarter. State Street Corp now owns 159,354 shares of the bank’s stock valued at $2,626,000 after acquiring an additional 4,280 shares during the last quarter. Advisor Group Holdings Inc. bought a new position in First Internet Bancorp in the first quarter valued at approximately $284,000. Invesco Ltd. boosted its stake in First Internet Bancorp by 46.5% in the first quarter. Invesco Ltd. now owns 24,623 shares of the bank’s stock valued at $405,000 after acquiring an additional 7,811 shares during the last quarter. Wells Fargo & Company MN boosted its stake in First Internet Bancorp by 23.1% in the first quarter. Wells Fargo & Company MN now owns 21,785 shares of the bank’s stock valued at $358,000 after acquiring an additional 4,086 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in First Internet Bancorp by 3.7% in the first quarter. Geode Capital Management LLC now owns 136,800 shares of the bank’s stock valued at $2,246,000 after acquiring an additional 4,833 shares during the last quarter. 69.99% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ INBK traded up $0.15 during mid-day trading on Friday, hitting $16.62. 38,213 shares of the stock were exchanged, compared to its average volume of 45,354. The company has a market cap of $164.28 million, a P/E ratio of 6.46 and a beta of 0.82. The stock’s fifty day simple moving average is $15.96 and its two-hundred day simple moving average is $20.02. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.99 and a current ratio of 1.00. First Internet Bancorp has a twelve month low of $10.47 and a twelve month high of $28.50.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date is Monday, June 29th. First Internet Bancorp’s dividend payout ratio is currently 9.56%.
First Internet Bancorp Company Profile
First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The company offers savings and money market accounts, non-interest bearing and interest-bearing demand deposits, brokered deposit accounts, and certificates of deposit.
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