First Internet Bancorp (NASDAQ:INBK) Posts Earnings Results, Beats Estimates By $0.27 EPS

First Internet Bancorp (NASDAQ:INBK) posted its earnings results on Thursday. The bank reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.27, MarketWatch Earnings reports. First Internet Bancorp had a return on equity of 8.77% and a net margin of 14.96%.

Shares of INBK stock traded up $0.81 on Friday, hitting $32.49. 33,995 shares of the company’s stock were exchanged, compared to its average volume of 30,943. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.04 and a quick ratio of 1.02. First Internet Bancorp has a 12 month low of $10.47 and a 12 month high of $32.49. The stock has a market cap of $318.43 million, a P/E ratio of 12.50 and a beta of 0.79. The company has a 50 day moving average of $28.97 and a 200 day moving average of $20.88.

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The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 15th. Investors of record on Thursday, December 31st were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, December 30th. This represents a $0.24 annualized dividend and a dividend yield of 0.74%. First Internet Bancorp’s dividend payout ratio is currently 9.56%.

In other First Internet Bancorp news, CEO David B. Becker acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, December 17th. The stock was acquired at an average cost of $27.93 per share, for a total transaction of $279,300.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 6.50% of the stock is owned by corporate insiders.

A number of brokerages have commented on INBK. Zacks Investment Research lowered First Internet Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 5th. Janney Montgomery Scott lowered First Internet Bancorp from a “buy” rating to a “neutral” rating in a report on Tuesday, November 10th. Finally, Piper Sandler upped their price objective on First Internet Bancorp from $19.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, October 26th.

First Internet Bancorp Company Profile

First Internet Bancorp operates as the 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.

See Also: Initial Coin Offering (ICO)

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