First Internet Bancorp to Post Q1 2021 Earnings of $0.62 Per Share, Piper Sandler Forecasts (NASDAQ:INBK)
First Internet Bancorp (NASDAQ:INBK) – Analysts at Piper Sandler reduced their Q1 2021 earnings per share estimates for First Internet Bancorp in a research report issued to clients and investors on Tuesday, March 24th. Piper Sandler analyst N. Race now forecasts that the bank will post earnings of $0.62 per share for the quarter, down from their prior estimate of $0.72. Piper Sandler currently has a “Overweight” rating and a $33.00 target price on the stock. Piper Sandler also issued estimates for First Internet Bancorp’s Q2 2021 earnings at $0.76 EPS and Q3 2021 earnings at $1.00 EPS.
Other research analysts also recently issued reports about the company. Zacks Investment Research downgraded First Internet Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. Craig Hallum began coverage on shares of 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. ValuEngine upgraded shares of First Internet Bancorp from a “strong sell” rating to a “sell” rating in a research note on Wednesday, March 18th. Hovde Group raised shares of First Internet Bancorp from a “market perform” rating to an “outperform” rating and set a $29.00 target price on the stock in a report on Tuesday, January 14th. Finally, BidaskClub upgraded shares of First Internet Bancorp from a “strong sell” rating to a “sell” rating in a research note on Tuesday, January 28th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $31.50.
First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, January 22nd. The bank reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.15. The business had revenue of $20.78 million during the quarter, compared to analysts’ expectations of $20.50 million. First Internet Bancorp had a net margin of 15.37% and a return on equity of 8.48%.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Monday, March 30th. First Internet Bancorp’s dividend payout ratio (DPR) is 9.56%.
In related news, Director Jerry L. Williams acquired 17,000 shares of First Internet Bancorp stock in a transaction that occurred on Tuesday, March 17th. The stock was purchased at an average price of $12.36 per share, for a total transaction of $210,120.00. Following the completion of the purchase, the director now directly owns 44,036 shares of the company’s stock, valued at $544,284.96. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John K. Keach, Jr. acquired 2,000 shares of First Internet Bancorp stock in a transaction that occurred on Thursday, March 19th. The stock was bought at an average price of $13.20 per share, with a total value of $26,400.00. Insiders bought a total of 27,200 shares of company stock valued at $354,566 over the last three months. Insiders own 5.60% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of First Internet Bancorp during the fourth quarter valued at $31,000. Citigroup Inc. lifted its stake in shares of First Internet Bancorp by 38.6% during the fourth quarter. Citigroup Inc. now owns 1,991 shares of the bank’s stock valued at $47,000 after buying an additional 554 shares during the period. Russell Investments Group Ltd. acquired a new stake in First Internet Bancorp during the third quarter worth approximately $151,000. Barclays PLC boosted its position in First Internet Bancorp by 94.1% during the fourth quarter. Barclays PLC now owns 9,657 shares of the bank’s stock worth $229,000 after acquiring an additional 4,682 shares during the last quarter. Finally, California Public Employees Retirement System acquired a new stake in First Internet Bancorp during the fourth quarter worth approximately $280,000. 70.29% of the stock is currently owned by hedge funds and other institutional investors.
About First Internet Bancorp
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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