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First Internet Bancorp (INBK) - free report >>
Atlantic Union Bankshares Corporation (AUB) - free report >>
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First Internet Bancorp (INBK) - free report >>
Atlantic Union Bankshares Corporation (AUB) - free report >>
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Strength Seen in First Internet (INBK): Can Its 9.1% Jump Turn into More Strength?
First Internet Bancorp (INBK - Free Report) shares ended the last trading session 9.1% higher at $19.72. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 33.9% loss over the past four weeks.
Shares of First Internet Bancorp rallied on the announcement of its participation in the IntraFi deposit network to offer ICS and CDARS. The program allows First Internet Bank customers to enjoy the safety and simplicity that comes with access to FDIC insurance protection at IntraFi network banks on deposits in an aggregate amount that is more than than $250,000. After the bank runs at two S&P 500 companies, this is a welcome development for its clients and drove the INBK stock higher.
This internet bank is expected to post quarterly earnings of $0.46 per share in its upcoming report, which represents a year-over-year change of -59.7%. Revenues are expected to be $24.65 million, down 24.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For First Internet, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on INBK going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
First Internet is part of the Zacks Banks - Northeast industry. Atlantic Union (AUB - Free Report) , another stock in the same industry, closed the last trading session 3.6% higher at $36.77. AUB has returned -7.7% in the past month.
For Atlantic Union, the consensus EPS estimate for the upcoming report has changed +0.6% over the past month to $0.84. This represents a change of +40% from what the company reported a year ago. Atlantic Union currently has a Zacks Rank of #3 (Hold).