First Internet Bancorp (NASDAQ:INBK) Receives Average Recommendation of “Reduce” from Brokerages

First Internet Bancorp (NASDAQ:INBK) has earned a consensus recommendation of “Reduce” from the five research firms that are covering the stock, Marketbeat.com reports. Two investment 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 target price among analysts that have issued a report on the stock in the last year is $25.1667.

A number of research analysts have recently issued reports on INBK shares. Wall Street Zen upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Sunday. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday, December 29th. Hovde Group boosted their price objective on First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Piper Sandler decreased their price target on First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a report on Friday, January 30th. Finally, Zacks Research cut First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th.

Insider Activity at First Internet Bancorp

In other First Internet Bancorp news, COO Nicole S. Lorch bought 2,000 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were purchased at an average price of $17.96 per share, for a total transaction of $35,920.00. Following the purchase, the chief operating officer directly owned 70,206 shares of the company’s stock, valued at approximately $1,260,899.76. This represents a 2.93% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC raised its stake in shares of First Internet Bancorp by 202.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock worth $48,000 after purchasing an additional 1,198 shares during the period. GAMMA Investing LLC increased its holdings 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 buying an additional 2,921 shares during the last quarter. Deutsche Bank AG increased its holdings in First Internet Bancorp by 4,390.4% during the fourth quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock worth $108,000 after buying an additional 5,049 shares during the last quarter. Jump Financial LLC bought a new stake in First Internet Bancorp in the second quarter worth about $236,000. Finally, BNP Paribas Financial Markets boosted its stake in First Internet Bancorp by 92.1% in the third quarter. BNP Paribas Financial Markets now owns 9,261 shares of the bank’s stock valued at $208,000 after acquiring an additional 4,439 shares during the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Stock Down 2.7%

Shares of NASDAQ:INBK opened at $20.69 on Thursday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $33.72. The business’s 50 day simple moving average is $21.45 and its two-hundred day simple moving average is $21.62. The firm has a market cap of $180.13 million, a P/E ratio of -5.13 and a beta of 0.83.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results 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 company 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%. As a group, research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were 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 was Wednesday, December 31st. First Internet Bancorp’s dividend payout ratio is presently -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).