First Internet Bancorp (NASDAQ:INBK) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of First Internet Bancorp (NASDAQ:INBK) from a strong sell rating to a hold rating in a report released on Monday,Zacks.com reports.

Other research analysts have also issued research reports about the company. Wall Street Zen raised First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Hovde Group raised 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. Piper Sandler cut 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 report on Friday, January 30th. Keefe, Bruyette & Woods reduced their price target on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating for the company in a research report on Friday, January 30th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research note on Friday. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $25.17.

First Internet Bancorp Stock Performance

Shares of INBK stock opened at $20.38 on Monday. The stock’s 50-day moving average is $20.83 and its two-hundred day moving average is $20.79. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.86 and a current ratio of 0.88. First Internet Bancorp has a 1 year low of $17.05 and a 1 year high of $28.51. The firm has a market cap of $177.71 million, a price-to-earnings ratio of -5.06 and a beta of 0.83.

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

First Internet Bancorp Dividend Announcement

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

Institutional Investors Weigh In On First Internet Bancorp

Several hedge funds have recently modified their holdings of INBK. Vanguard Group Inc. increased its stake in shares of First Internet Bancorp by 1.3% during the third quarter. Vanguard Group Inc. now owns 435,025 shares of the bank’s stock worth $9,758,000 after acquiring an additional 5,632 shares during the period. Heartland Advisors Inc. boosted its holdings in shares of 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 last quarter. Aegis Financial Corp acquired a new position in First Internet Bancorp in the fourth quarter valued at $5,224,000. Patriot Financial Partners GP II L.P. purchased a new position in First Internet Bancorp during the third quarter worth about $4,696,000. Finally, CSM Advisors LLC boosted its stake in First Internet Bancorp by 35.9% in the 4th quarter. CSM Advisors LLC now owns 191,854 shares of the bank’s stock worth $4,005,000 after buying an additional 50,695 shares during the last quarter. 65.46% of the stock is owned by institutional investors and hedge funds.

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).