First Internet Bancorp (NASDAQ:INBK) Given Consensus Rating of “Reduce” by Brokerages

Shares of First Internet Bancorp (NASDAQ:INBK) have been given an average rating of “Reduce” by the five analysts that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $25.1667.

Several equities research analysts have commented on the stock. Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. Zacks Research downgraded shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Keefe, Bruyette & Woods reduced their price objective on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating for the company in a research note on Friday, January 30th. Wall Street Zen downgraded shares of First Internet Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, March 4th. Finally, Piper Sandler lowered their target price on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a research report on Friday, January 30th.

Hedge Funds Weigh In On First Internet Bancorp

Hedge funds have recently bought and sold shares of the company. Royal Bank of Canada boosted its position in First Internet Bancorp by 78.5% during the first quarter. Royal Bank of Canada now owns 13,789 shares of the bank’s stock worth $369,000 after purchasing an additional 6,064 shares in the last quarter. Empowered Funds LLC increased its position in shares of First Internet Bancorp by 81.4% in the first quarter. Empowered Funds LLC now owns 13,135 shares of the bank’s stock valued at $352,000 after buying an additional 5,893 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of First Internet Bancorp during the 1st quarter worth $297,000. CSM Advisors LLC acquired a new position in shares of First Internet Bancorp during the 2nd quarter worth $3,923,000. Finally, Creative Planning purchased a new stake in shares of First Internet Bancorp in the 2nd quarter worth about $1,691,000. 65.46% of the stock is owned by hedge funds and other institutional investors.

First Internet Bancorp Stock Up 0.2%

INBK opened at $20.18 on Monday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.88. First Internet Bancorp has a 12 month low of $17.05 and a 12 month high of $30.00. The stock has a market capitalization of $175.69 million, a P/E ratio of -5.01 and a beta of 0.83. The business has a 50 day simple moving average of $21.23 and a 200-day simple moving average of $21.36.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $42.11 million for the quarter, compared to analyst estimates of $32.80 million. First Internet Bancorp had a negative return on equity of 1.52% and a negative net margin of 10.05%. On average, equities analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.24 annualized dividend and a dividend yield of 1.2%. First Internet Bancorp’s payout ratio is -5.96%.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).