First Internet Bancorp (NASDAQ:INBK) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen cut shares of First Internet Bancorp (NASDAQ:INBK) from a hold rating to a sell rating in a report published on Wednesday.

A number of other research firms also recently issued reports on INBK. 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. Keefe, Bruyette & Woods dropped their price target on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a research note on Friday, January 30th. Piper Sandler cut their price objective 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. Zacks Research downgraded First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $25.17.

First Internet Bancorp Trading Down 0.1%

Shares of NASDAQ INBK opened at $20.39 on Wednesday. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 1.01. First Internet Bancorp has a one year low of $17.05 and a one year high of $30.00. The business has a 50-day moving average price of $21.25 and a two-hundred day moving average price of $21.42. The firm has a market capitalization of $177.60 million, a PE ratio of -5.06 and a beta of 0.83.

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

First Internet Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a $0.06 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $0.24 dividend on an annualized basis and a yield of 1.2%. First Internet Bancorp’s dividend payout ratio is currently -5.96%.

Institutional Trading of First Internet Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of First Internet Bancorp by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 435,025 shares of the bank’s stock valued at $9,758,000 after acquiring an additional 5,632 shares in the last quarter. Heartland Advisors Inc. boosted its position in First Internet Bancorp by 1.7% during the fourth quarter. Heartland Advisors Inc. now owns 288,595 shares of the bank’s stock worth $6,023,000 after purchasing an additional 4,745 shares during the period. Aegis Financial Corp acquired a new position in First Internet Bancorp during the fourth quarter valued at approximately $5,224,000. Patriot Financial Partners GP II L.P. bought a new position in shares of First Internet Bancorp in the third quarter valued at approximately $4,696,000. Finally, CSM Advisors LLC raised its position in shares of First Internet Bancorp by 35.9% in the fourth 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 period. Institutional investors and hedge funds own 65.46% of the company’s stock.

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).