First Internet Bancorp (NASDAQ:INBK) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Key Points

• First Internet Bancorp reported Q1 EPS of $0.29, missing estimates by $0.01, and revenue of $43.12M versus a $45.41M consensus, with a negative ROE (-1.54%) and net margin (-10.05%).
• Shares traded up about 1.5% to $22.92 after the print; the company has a market cap of roughly $199.8M and a 12‑month price range of $17.05–$28.51.
• The bank paid a $0.06 quarterly dividend (1.0% yield) and carries a consensus analyst rating of "Hold" with a $25.17 price target.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) issued its quarterly earnings data on Thursday. The bank reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01), FiscalAI reports. The business had revenue of $43.12 million during the quarter, compared to the consensus estimate of $45.41 million. First Internet Bancorp had a negative return on equity of 1.54% and a negative net margin of 10.05%.

First Internet Bancorp Stock Up 1.5%

Shares of NASDAQ INBK traded up $0.34 during trading on Thursday, hitting $22.92. The stock had a trading volume of 61,793 shares, compared to its average volume of 55,311. First Internet Bancorp has a 12 month low of $17.05 and a 12 month high of $28.51. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.88 and a quick ratio of 0.86. The company has a market capitalization of $199.79 million, a PE ratio of -5.69 and a beta of 0.79. The firm has a fifty day moving average of $21.20 and a two-hundred day moving average of $20.75.

First Internet Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a $0.06 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $0.24 annualized dividend and a dividend yield of 1.0%. First Internet Bancorp's dividend payout ratio is presently -5.96%.

Hedge Funds Weigh In On First Internet Bancorp

Several institutional investors have recently added to or reduced their stakes in the stock. Bridgeway Capital Management LLC grew its position in First Internet Bancorp by 1.3% during the third quarter. Bridgeway Capital Management LLC now owns 44,217 shares of the bank's stock valued at $992,000 after buying an additional 584 shares during the period. Public Employees Retirement System of Ohio grew its position in First Internet Bancorp by 19.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank's stock valued at $126,000 after buying an additional 1,000 shares during the period. Empowered Funds LLC grew its position in First Internet Bancorp by 7.1% during the fourth quarter. Empowered Funds LLC now owns 15,329 shares of the bank's stock valued at $320,000 after buying an additional 1,012 shares during the period. Man Group plc grew its position in First Internet Bancorp by 5.1% during the third quarter. Man Group plc now owns 21,818 shares of the bank's stock valued at $489,000 after buying an additional 1,053 shares during the period. Finally, Barclays PLC grew its position in First Internet Bancorp by 4.1% during the fourth quarter. Barclays PLC now owns 28,685 shares of the bank's stock valued at $599,000 after buying an additional 1,141 shares during the period. Institutional investors own 65.46% of the company's stock.

Wall Street Analyst Weigh In

INBK has been the subject of several analyst reports. Weiss Ratings restated a "sell (d)" rating on shares of First Internet Bancorp in a report on Friday, March 27th. Keefe, Bruyette & Woods lowered their price objective on shares of First Internet Bancorp from $25.00 to $23.00 and set a "market perform" rating for the company in a research note on Friday, January 30th. Piper Sandler lowered their price objective on shares of First Internet Bancorp from $24.00 to $23.50 and set a "neutral" rating for the company in a research note on Friday, January 30th. Wall Street Zen upgraded shares of First Internet Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, March 14th. Finally, Zacks Research upgraded shares of First Internet Bancorp from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, First Internet Bancorp has a consensus rating of "Hold" and a consensus price target of $25.17.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company's core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).

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