|Over a week ago|
Eighteen new option listings on May 11th » 08:3005/1105/11/22
HNRG, BFRI, ENFN, HRT, BORR, PEAR, ARHS, MIRO, WULF, KLXE, TIME, INBK, USER, IWIN
New option listings for…
New option listings for May 11th include Hallador Energy (HNRG), BFIX ETF (BFIX), Biofrontera Inc (BFRI), Enfusion Inc (ENFN), HireRight Holdings Corp (HRT), Borr Drilling Limited (BORR), Pear Therapeutics Inc (PEAR), LETB ETF (LETB), Arhaus Inc (ARHS), MiroMatrix Medical Inc (MIRO), IKONICS Corporation (WULF), KLX Energy Services (KLXE), TIME ETF (TIME), FLTN ETF (FLTN), TRDF ETF (TRDF), First Internet Bancorp (INBK), User Testing Inc (USER), and IWIN ETF (IWIN).
Fly Insider: Kennametal, Apple among notable insider trades this week » 15:4405/0905/09/22
INBK, KMT, KRNY, TCBI, APLS, CCI, LEVI, AAPL
Welcome to "Fly Insider,"…
First Internet Bancorp price target lowered to $60 from $70 at Craig-Hallum » 08:3705/0305/03/22
Craig-Hallum analyst George Sutton lowered the firm's price target on First Internet Bancorp to $60 from $70 and keeps a Buy rating on the shares. The analyst notes that First Century took advantage of regulatory delays to push for a higher purchase price during the negotiations to extend the merger agreement. While a pullback in the stock is logical following the termination of the deal, management was explicitly clear that they will be quickly using up its remaining buyback authorization and immediately going back to the board to reload, Sutton points out. He believes the company will be buying back stock up to 1.5-times TBV if necessary. Overall, the analyst thinks the pullback on the announced termination creates an attractive entry point for investors, given the ongoing strength in the core business, BaaS partner #2 could be announced in short order, and the company will be actively in the market supporting the stock.
First Century Bancorp terminates merger with First Internet Bancorp » 09:0205/0205/02/22
First Century Bancorp…
First Century Bancorp announced the termination of its merger agreement with First Internet Bancorp, previously announced on November 2, 2021, pursuant to which First Internet was to acquire all of the outstanding shares of First Century. First Internet was unable to obtain regulatory approval for the proposed transaction in a timely fashion and First Century chose to exercise its right to terminate the agreement after the parties were unable to come to new terms. CEO of First Century Bank, William Blanton states, "First Century is looking forward to continuing to serve its clients by providing leading edge technology enabled financial solutions. On its own, FCB is growing its solutions offerings and looks forward to continuing to serve the Fintech Community." Each company will bear its own costs and expenses in connection with the terminated transaction, and neither party will pay any termination fee as a result of the termination of the merger agreement.
Fly Intel: Top five weekend stock stories » 20:0905/0105/01/22
BRK.A, BRK.B, ATVI, CVX, INBK, CMCSA, CMCSK, TSLA, TWTR, LAD
Catch up on the…
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Berkshire Hathaway (BRK.A; BRK.B) reported a decline in Q1 earnings on slowing economic growth and stock market pullback. The company's net earnings came in at $5.46B, or $3,702 a Class A share equivalent, down over 53% from $11.71B, or $7,638 a share, a year earlier. Its operating earnings were flat year-over-year at $7.04B. Berkshire also reported a loss of $1.58B from its investments. Additionally, the company's stock buybacks slowed down to $3.2B from $6.9B in Q4. Meanwhile, Warren Buffett on Saturday used the annual meeting of Berkshire Hathaway to reveal major new investments including a bigger stake in Activision Blizzard (ATVI), while also railing against Wall Street excess and addressing the risks to his conglomerate of inflation and nuclear war, Reuters' Jonathan Stempel and Carolina Mandl reported. Buffett said Berkshire, long faulted for holding too much cash, boosted its combined stakes in oil company Chevron (CVX) and "Call of Duty" game maker Activision Blizzard nearly six-fold to more than $31 billion. 2. First Internet Bancorp (INBK), the parent company of First Internet Bank, announced that First Century Bancorp. has terminated the agreement and plan of merger between the two companies. Under the agreement, announced November 2, 2021, the consummation of the merger was to have occurred on or before April 30, 2022. The Board of Governors of the Federal Reserve approved the merger on April 29, 2022, but the parties were precluded from closing immediately thereafter due to statutory waiting periods. The parties were unable to agree on extension terms; First Century terminated the agreement on May 1, 2022. 3. Tesla (TSLA) stock has stalled since Elon Musk decided to buy Twitter (TWTR). But the jitters are overdone-and the stock might be primed for a new charge, Al Root wrote in this week's edition of Barron's. Tesla investors are clearly concerned about the deal, which will cost Musk some $44 billion. The doubters may be overplaying their hand, the author noted. Musk agreed to finance a bit more than half of the deal with debt and the rest with equity, which means $21 billion worth. That's entirely manageable for Musk and Tesla investors, the publication added. 4. DreamWorks Animation and Comcast (CMCSA) subsidiary Universal's "The Bad Guys" won this weekend's domestic box office with another $16.1M for a domestic total of $44.4M and $118.7M worldwide. The movie has an A CinemaScore. 5. Lithia Motors (LAD) saw a positive mention in this week's edition of Barron's.
First Internet Bancorp announces termination of First Century merger agreement » 19:2405/0105/01/22
First Internet Bancorp,…
First Internet Bancorp, the parent company of First Internet Bank, announced that First Century Bancorp. has terminated the agreement and plan of merger between the two companies. Under the agreement, announced November 2, 2021, the consummation of the merger was to have occurred on or before April 30, 2022. The Board of Governors of the Federal Reserve approved the merger on April 29, 2022, but the parties were precluded from closing immediately thereafter due to statutory waiting periods. The parties were unable to agree on extension terms; First Century terminated the agreement on May 1, 2022.
First Internet Bancorp valuation 'extremely attractive,' says Craig-Hallum » 09:0104/2204/22/22
Craig-Hallum analyst George Sutton maintained a Buy rating and $70 price target on First Internet Bancorp following the company's Q1 earnings results, which exceeded expectations. The analyst noted that management has "continued to deliver what they say they are going to do and is extremely confident in the trajectory of the business." Sutton added that estimated have risen significantly over the last year, new growth lanes have been entered, and valuation is "extremely attractive," creating a "great opportunity."
First Internet Bancorp price target lowered to $62 from $66 at Keefe Bruyette » 16:3404/2104/21/22
Keefe Bruyette analyst…
Keefe Bruyette analyst Michael Perito lowered the firm's price target on First Internet Bancorp to $62 from $66 and keeps an Outperform rating on the shares. The stock modestly underperformed today, likely due to a combination of the delayed First Century closing, softer loan growth and the sequential drop in mortgage revenues, Perito tells investors in a research note. With that said, the analyst believes First Internet's Small Business Administration pipelines are at elevated levels, while the closing of the First Century deal in May "will not only improve the bank's rate positioning overnight," but give its new bank-as-a-service initiative "a jump start."
|Over a month ago|
First Internet Bancorp reports Q1 adjusted EPS $1.22, consensus 99c » 16:1504/2004/20/22
Reports Q1 revenue…
Reports Q1 revenue $32.6M, consensus $27.87M. "We produced solid earnings and positive momentum to start 2022, driven by production in our franchise finance business, further success in driving lower cost deposits and continued excellent credit quality," said David Becker, Chairman and Chief Executive Officer. "Pipelines in SBA and other key lines of business grew during the quarter, leaving us well-positioned to capitalize on loan growth opportunities for the year ahead."
First Internet Bank eliminates overdraft fees » 09:4203/3103/31/22
First Internet Bank has…
First Internet Bank has announced that it is removing overdraft fees on personal and small business deposit accounts. This change has been made to deliver a better - and less costly - banking experience for account holders.