First Internet Bancorp (NASDAQ:INBK) Announces Quarterly Earnings Results, Misses Expectations By $0.31 EPS

First Internet Bancorp (NASDAQ:INBK - Get Free Report) released its quarterly earnings results on Wednesday. The bank reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.33 by ($0.31), Zacks reports. First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.04%. The company had revenue of $33.55 million during the quarter, compared to analyst estimates of $30.08 million.

First Internet Bancorp Trading Down 3.8%

Shares of NASDAQ INBK traded down $0.91 during trading on Friday, hitting $23.24. 96,524 shares of the company were exchanged, compared to its average volume of 62,824. First Internet Bancorp has a 12-month low of $19.54 and a 12-month high of $43.26. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.93 and a current ratio of 0.94. The company has a fifty day moving average price of $25.40 and a 200-day moving average price of $27.09. The firm has a market capitalization of $202.19 million, a PE ratio of 13.20 and a beta of 0.72.

First Internet Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.24 annualized dividend and a dividend yield of 1.03%. First Internet Bancorp's dividend payout ratio is presently 13.64%.

Analyst Ratings Changes

A number of research firms recently issued reports on INBK. Keefe, Bruyette & Woods dropped their price target on shares of First Internet Bancorp from $35.00 to $30.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 29th. Piper Sandler dropped their price target on shares of First Internet Bancorp from $32.00 to $24.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Wall Street Zen raised shares of First Internet Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Hovde Group lowered their target price on shares of First Internet Bancorp from $39.00 to $28.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada raised its holdings in shares of First Internet Bancorp by 78.5% during the 1st quarter. Royal Bank of Canada now owns 13,789 shares of the bank's stock worth $369,000 after acquiring an additional 6,064 shares during the period. Empowered Funds LLC raised its holdings in shares of First Internet Bancorp by 81.4% during the 1st quarter. Empowered Funds LLC now owns 13,135 shares of the bank's stock worth $352,000 after acquiring an additional 5,893 shares during the period. Finally, Jane Street Group LLC purchased a new position in shares of First Internet Bancorp during the 1st quarter worth $297,000. Hedge funds and other institutional investors own 65.46% of the company's stock.

First Internet Bancorp Company Profile

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.