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First Internet Bancorp (NASDAQ:INBK) stock has experienced a significant downturn, touching a 52-week low of $23.8. According to InvestingPro data, the stock’s technical indicators suggest oversold conditions, while trading at just 0.56 times book value. This latest price level reflects a challenging period for the company, which has seen its stock value decrease by 27.66% over the past year. Despite current challenges, the bank maintains a 14-year track record of consistent dividend payments, and analysts project profitability for the current year. Investors are closely monitoring the bank’s performance as it navigates through a dynamic financial landscape, with market volatility and economic headwinds influencing the banking sector at large. The 52-week low serves as a critical indicator for shareholders and potential investors, marking the lowest price point for INBK stock within the last year and setting a new benchmark for the company’s market valuation. InvestingPro analysis indicates the stock is currently trading below its Fair Value, with analyst targets suggesting potential upside.
In other recent news, First Internet Bancorp reported its Q4 2024 earnings, showing an earnings per share (EPS) of $0.80, which fell short of the $0.92 expected by analysts. However, the company exceeded revenue expectations, reporting $39.49 million compared to the anticipated $36.18 million. This revenue beat was largely driven by strong Small Business Administration (SBA (LON:SBA)) lending. Despite the revenue success, the EPS miss raised concerns among investors, reflected in a 3.03% decline in premarket trading. The company also reported a 21% increase in net income quarter-over-quarter, reaching $7 million. Looking ahead, First Internet Bancorp plans to originate $600 million in SBA loans in 2025, with expectations of significant net interest income growth. Expenses are projected to rise by 7-8% in 2025, which could impact profitability. Meanwhile, the company continues to emphasize its balance sheet flexibility, enabling it to manage higher earnings and yields.
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