First Internet Bancorp (NASDAQ:INBK) Posts Quarterly Earnings Results, Misses Expectations By $2.09 EPS

Key Points

• First Internet Bancorp reported an EPS of ($1.43) for the quarter, significantly missing analysts' expectations of $0.72 by $2.15.
• The company declared a quarterly dividend of $0.06 per share, translating to an annualized yield of 1.1%.
• Hedge fund interest has increased, with several firms like Tower Research Capital and Jane Street Group acquiring significant stakes in First Internet Bancorp recently.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) posted its earnings results on Wednesday. The bank reported ($1.43) EPS for the quarter, missing analysts' consensus estimates of $0.66 by ($2.09), Zacks reports. First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.03%. The business had revenue of $43.53 million for the quarter, compared to analyst estimates of $33.48 million.

First Internet Bancorp Price Performance

INBK opened at $21.91 on Thursday. First Internet Bancorp has a 52-week low of $19.54 and a 52-week high of $43.26. The stock has a market capitalization of $190.84 million, a PE ratio of 12.45 and a beta of 0.79. The stock's 50 day moving average price is $23.43 and its 200-day moving average price is $23.96. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.90 and a current ratio of 0.93.

First Internet Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given a $0.06 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $0.24 annualized dividend and a yield of 1.1%. First Internet Bancorp's payout ratio is presently 13.64%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on INBK. Piper Sandler dropped their target price on shares of First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating for the company in a report on Monday, July 28th. Hovde Group reduced their price objective on shares of First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating for the company in a report on Monday, July 28th. Zacks Research upgraded shares of First Internet Bancorp from a "strong sell" rating to a "hold" rating in a research report on Thursday, September 25th. Weiss Ratings reiterated a "sell (d+)" rating on shares of First Internet Bancorp in a research report on Wednesday, October 8th. Finally, Wall Street Zen lowered shares of First Internet Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $27.33.

Institutional Trading of First Internet Bancorp

Large investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. raised its position in shares of First Internet Bancorp by 15.1% in the 2nd quarter. Raymond James Financial Inc. now owns 56,471 shares of the bank's stock worth $1,519,000 after acquiring an additional 7,419 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of First Internet Bancorp by 34.9% in the second quarter. Ameriprise Financial Inc. now owns 44,310 shares of the bank's stock valued at $1,192,000 after purchasing an additional 11,457 shares during the last quarter. First Trust Advisors LP grew its position in First Internet Bancorp by 4.9% in the second quarter. First Trust Advisors LP now owns 31,683 shares of the bank's stock worth $852,000 after acquiring an additional 1,474 shares during the period. Thrivent Financial for Lutherans boosted its position in shares of First Internet Bancorp by 18.8% during the second quarter. Thrivent Financial for Lutherans now owns 30,298 shares of the bank's stock worth $815,000 after buying an additional 4,800 shares during the period. Finally, Bank of America Corp DE boosted its holdings in First Internet Bancorp by 27.9% in the second quarter. Bank of America Corp DE now owns 21,905 shares of the bank's stock valued at $589,000 after purchasing an additional 4,773 shares during the period. Institutional investors own 65.46% of the company's stock.

About First Internet Bancorp

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.