First Internet Bancorp (NASDAQ:INBK) Receives Average Recommendation of “Hold” from Analysts

First Internet Bancorp (NASDAQ:INBK) has received an average recommendation of “Hold” from the five ratings firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $25.6667.

A number of research firms recently commented on INBK. Keefe, Bruyette & Woods raised their price objective on shares of First Internet Bancorp from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Friday, May 1st. Wall Street Zen upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Piper Sandler increased their target price on shares of First Internet Bancorp from $23.50 to $24.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Zacks Research upgraded shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Finally, Hovde Group increased their target price on shares of First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th.

Institutional Investors Weigh In On First Internet Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INBK. Aegis Financial Corp purchased a new stake in First Internet Bancorp in the 4th quarter worth approximately $5,224,000. Patriot Financial Partners GP II L.P. acquired a new stake in shares of First Internet Bancorp in the 3rd quarter valued at $4,696,000. Heartland Advisors Inc. lifted its stake in shares of First Internet Bancorp by 33.4% in the 1st quarter. Heartland Advisors Inc. now owns 384,900 shares of the bank’s stock valued at $7,844,000 after purchasing an additional 96,305 shares during the last quarter. Simcoe Capital LLC acquired a new stake in shares of First Internet Bancorp in the 4th quarter valued at $1,935,000. Finally, CSM Advisors LLC lifted its stake in shares of First Internet Bancorp by 35.9% in the 4th quarter. CSM Advisors LLC now owns 191,854 shares of the bank’s stock valued at $4,005,000 after purchasing an additional 50,695 shares during the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Trading Down 2.8%

First Internet Bancorp stock opened at $23.18 on Friday. The company has a 50 day moving average price of $22.03 and a 200 day moving average price of $20.97. First Internet Bancorp has a 52 week low of $17.05 and a 52 week high of $28.51. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.87 and a current ratio of 0.88. The firm has a market capitalization of $202.13 million, a price-to-earnings ratio of -6.02 and a beta of 0.85.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Thursday, April 30th. The bank reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.21. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. The firm had revenue of $43.12 million during the quarter, compared to analyst estimates of $45.67 million. Research analysts forecast that First Internet Bancorp will post 1.98 EPS for the current year.

First Internet Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were given a $0.06 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $0.24 dividend on an annualized basis and a yield of 1.0%. First Internet Bancorp’s dividend payout ratio is presently -6.23%.

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).