Brokerages Expect First Internet Bancorp (NASDAQ:INBK) Will Announce Quarterly Sales of $30.75 Million

Equities research analysts predict that First Internet Bancorp (NASDAQ:INBKGet Rating) will report sales of $30.75 million for the current quarter, according to Zacks. Two analysts have made estimates for First Internet Bancorp’s earnings, with the highest sales estimate coming in at $30.80 million and the lowest estimate coming in at $30.70 million. First Internet Bancorp reported sales of $30.57 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 0.6%. The firm is expected to announce its next earnings report on Monday, January 1st.

On average, analysts expect that First Internet Bancorp will report full year sales of $127.40 million for the current year, with estimates ranging from $126.10 million to $128.70 million. For the next financial year, analysts expect that the business will post sales of $137.05 million, with estimates ranging from $130.50 million to $143.60 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover First Internet Bancorp.

First Internet Bancorp (NASDAQ:INBKGet Rating) last issued its earnings results on Wednesday, April 20th. The bank reported $1.14 EPS for the quarter, topping the consensus estimate of $0.99 by $0.15. First Internet Bancorp had a return on equity of 13.17% and a net margin of 29.10%. During the same quarter in the prior year, the business earned $1.05 earnings per share.

Several brokerages have commented on INBK. Piper Sandler lowered their target price on First Internet Bancorp from $68.00 to $54.00 and set an “overweight” rating for the company in a research note on Friday, April 22nd. StockNews.com initiated coverage on First Internet Bancorp in a research note on Thursday, March 31st. They issued a “buy” rating for the company. Keefe, Bruyette & Woods lowered their price objective on First Internet Bancorp from $66.00 to $62.00 and set an “outperform” rating for the company in a research note on Thursday, April 21st. Craig Hallum lowered their price objective on First Internet Bancorp from $70.00 to $60.00 in a research note on Tuesday, May 3rd. Finally, Zacks Investment Research downgraded First Internet Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, May 5th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $56.50.

In related news, CEO David B. Becker bought 16,314 shares of First Internet Bancorp stock in a transaction that occurred on Thursday, March 10th. The shares were acquired at an average cost of $44.50 per share, for a total transaction of $725,973.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David B. Becker bought 30,000 shares of First Internet Bancorp stock in a transaction that occurred on Tuesday, May 3rd. The stock was bought at an average price of $36.42 per share, for a total transaction of $1,092,600.00. Following the completion of the acquisition, the chief executive officer now directly owns 420,011 shares of the company’s stock, valued at $15,296,800.62. The disclosure for this purchase can be found here. Insiders purchased 51,314 shares of company stock worth $2,006,573 over the last quarter. 7.20% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Citigroup Inc. boosted its holdings in shares of First Internet Bancorp by 139.7% during the 3rd quarter. Citigroup Inc. now owns 1,062 shares of the bank’s stock worth $33,000 after buying an additional 619 shares in the last quarter. Dorsey Wright & Associates bought a new position in shares of First Internet Bancorp during the 4th quarter worth approximately $57,000. Denali Advisors LLC bought a new position in shares of First Internet Bancorp during the 4th quarter worth approximately $66,000. Metropolitan Life Insurance Co NY bought a new position in shares of First Internet Bancorp during the 3rd quarter worth approximately $80,000. Finally, BNP Paribas Arbitrage SA boosted its holdings in shares of First Internet Bancorp by 73.3% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 2,563 shares of the bank’s stock worth $80,000 after buying an additional 1,084 shares in the last quarter. Hedge funds and other institutional investors own 70.50% of the company’s stock.

NASDAQ INBK traded up $0.13 during trading on Friday, hitting $38.67. 25,628 shares of the company’s stock were exchanged, compared to its average volume of 49,623. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 1.65. The company has a market cap of $373.40 million, a PE ratio of 7.88 and a beta of 0.73. First Internet Bancorp has a fifty-two week low of $28.05 and a fifty-two week high of $53.56. The stock’s 50 day moving average price is $40.22 and its two-hundred day moving average price is $44.82.

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 18th. Stockholders of record on Thursday, March 31st were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.62%. The ex-dividend date was Wednesday, March 30th. First Internet Bancorp’s dividend payout ratio is currently 4.89%.

About First Internet Bancorp (Get Rating)

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, savings, money market, and brokered deposit accounts, as well as certificates of deposit.

Featured Articles

Get a free copy of the Zacks research report on First Internet Bancorp (INBK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for First Internet Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Internet Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.