$20.07 Million in Sales Expected for First Internet Bancorp (NASDAQ:INBK) This Quarter

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Analysts expect First Internet Bancorp (NASDAQ:INBK) to post sales of $20.07 million for the current quarter, according to Zacks. Two analysts have made estimates for First Internet Bancorp’s earnings, with the lowest sales estimate coming in at $19.50 million and the highest estimate coming in at $20.64 million. First Internet Bancorp reported sales of $18.62 million during the same quarter last year, which would suggest a positive year over year growth rate of 7.8%. The company is scheduled to announce its next earnings results on Wednesday, April 22nd.

On average, analysts expect that First Internet Bancorp will report full-year sales of $85.14 million for the current year, with estimates ranging from $81.30 million to $88.98 million. For the next year, analysts forecast that the company will report sales of $94.43 million, with estimates ranging from $91.30 million to $97.56 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for First Internet Bancorp.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, January 22nd. The bank reported $0.72 EPS for the quarter, beating the consensus estimate of $0.57 by $0.15. The firm had revenue of $20.78 million during the quarter, compared to the consensus estimate of $20.50 million. First Internet Bancorp had a return on equity of 8.48% and a net margin of 15.37%.

Several equities analysts have commented on INBK shares. Hovde Group upgraded First Internet Bancorp from a “market perform” rating to an “outperform” rating and set a $29.00 target price for the company in a research report on Tuesday, January 14th. Piper Sandler raised their price objective on First Internet Bancorp from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Monday, January 27th. ValuEngine upgraded First Internet Bancorp from a “strong sell” rating to a “sell” rating in a research report on Wednesday, March 18th. BidaskClub upgraded First Internet Bancorp from a “strong sell” rating to a “sell” rating in a research report on Tuesday, January 28th. Finally, Craig Hallum began coverage on First Internet Bancorp in a research report on Monday, December 23rd. They set a “buy” rating and a $33.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. First Internet Bancorp presently has an average rating of “Hold” and an average target price of $31.50.

First Internet Bancorp stock opened at $16.73 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 1.92. The company has a market capitalization of $135.01 million, a PE ratio of 6.67 and a beta of 0.63. First Internet Bancorp has a 12 month low of $10.47 and a 12 month high of $28.50. The stock has a 50-day moving average price of $22.69 and a two-hundred day moving average price of $23.00.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, March 30th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.43%. First Internet Bancorp’s dividend payout ratio (DPR) is 9.56%.

In other First Internet Bancorp news, Director John K. Keach, Jr. bought 2,000 shares of the stock in a transaction on Thursday, March 19th. The stock was acquired at an average cost of $13.20 per share, for a total transaction of $26,400.00. Also, CEO David B. Becker bought 7,000 shares of the stock in a transaction on Thursday, March 19th. The stock was acquired at an average price of $14.51 per share, with a total value of $101,570.00. Insiders have bought 27,200 shares of company stock valued at $354,566 over the last 90 days. 5.60% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of INBK. Russell Investments Group Ltd. bought a new stake in First Internet Bancorp in the third quarter worth approximately $151,000. First Trust Advisors LP increased its holdings in First Internet Bancorp by 3.6% in the third quarter. First Trust Advisors LP now owns 25,448 shares of the bank’s stock worth $545,000 after purchasing an additional 891 shares in the last quarter. Wedbush Securities Inc. increased its holdings in First Internet Bancorp by 11.2% in the fourth quarter. Wedbush Securities Inc. now owns 34,542 shares of the bank’s stock worth $819,000 after purchasing an additional 3,475 shares in the last quarter. California Public Employees Retirement System bought a new stake in First Internet Bancorp in the fourth quarter worth approximately $280,000. Finally, Emerald Mutual Fund Advisers Trust bought a new stake in First Internet Bancorp in the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 70.29% of the company’s stock.

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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Earnings History and Estimates for First Internet Bancorp (NASDAQ:INBK)

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