First Internet Bancorp (NASDAQ:INBK) Receives $25.17 Average PT from Analysts

Shares of First Internet Bancorp (NASDAQ:INBK) have received a consensus rating of “Hold” from the five brokerages that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $25.1667.

INBK has been the subject of a number of recent analyst reports. Piper Sandler lowered their price objective on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a research report on Friday, January 30th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research report on Friday, March 27th. Hovde Group increased their target price on First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Zacks Research upgraded shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a report on Friday, January 30th.

First Internet Bancorp Trading Up 0.2%

NASDAQ:INBK opened at $20.57 on Friday. The firm has a market capitalization of $179.37 million, a price-to-earnings ratio of -5.10 and a beta of 0.79. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $28.51. The business’s 50-day moving average price is $20.71 and its two-hundred day moving average price is $20.79. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.99.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.54%. The business had revenue of $42.11 million for the quarter, compared to the consensus estimate of $32.80 million. On average, equities analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Tuesday, March 31st. First Internet Bancorp’s dividend payout ratio (DPR) is currently -5.96%.

Institutional Trading of First Internet Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC increased its stake in First Internet Bancorp by 202.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock valued at $48,000 after buying an additional 1,198 shares during the last quarter. GAMMA Investing LLC raised its position in First Internet Bancorp by 1,123.5% during the fourth quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock worth $66,000 after acquiring an additional 2,921 shares in the last quarter. Deutsche Bank AG lifted its stake in First Internet Bancorp by 4,390.4% in the fourth quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock valued at $108,000 after acquiring an additional 5,049 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of First Internet Bancorp by 19.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock worth $126,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of First Internet Bancorp by 62.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock valued at $183,000 after purchasing an additional 3,379 shares during the period. 65.46% of the stock is currently owned by institutional investors and hedge funds.

First Internet Bancorp Company Profile

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).