First Internet Bancorp (NASDAQ:INBK) Receives Average Rating of “Hold” from Brokerages

Shares of First Internet Bancorp (NASDAQ:INBK) have received a consensus rating of “Hold” from the five research firms that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has issued a buy recommendation on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $25.6667.

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

First Internet Bancorp Price Performance

Shares of NASDAQ:INBK opened at $23.67 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.96. First Internet Bancorp has a fifty-two week low of $17.05 and a fifty-two week high of $28.51. The firm has a 50-day simple moving average of $22.42 and a 200 day simple moving average of $21.17. The company has a market cap of $206.40 million, a PE ratio of -6.15 and a beta of 0.85.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Thursday, April 30th. The bank reported $0.29 earnings per share for the quarter, beating 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 business had revenue of $43.12 million during the quarter, compared to the consensus estimate of $45.67 million. On average, sell-side analysts anticipate that First Internet Bancorp will post 1.98 EPS for the current year.

First Internet Bancorp Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE boosted its stake in First Internet Bancorp by 18.6% during the 1st quarter. Bank of America Corp DE now owns 61,022 shares of the bank’s stock valued at $1,244,000 after purchasing an additional 9,563 shares during the period. Quantinno Capital Management LP boosted its stake in First Internet Bancorp by 14.5% during the 1st quarter. Quantinno Capital Management LP now owns 162,421 shares of the bank’s stock valued at $3,310,000 after purchasing an additional 20,582 shares during the period. Public Employees Retirement System of Ohio boosted its stake in First Internet Bancorp by 35.9% during the 1st quarter. Public Employees Retirement System of Ohio now owns 8,184 shares of the bank’s stock valued at $167,000 after purchasing an additional 2,160 shares during the period. Sei Investments Co. acquired a new stake in shares of First Internet Bancorp in the 1st quarter worth approximately $245,000. Finally, Aegis Financial Corp lifted its stake in shares of First Internet Bancorp by 41.5% in the 1st quarter. Aegis Financial Corp now owns 354,261 shares of the bank’s stock worth $7,220,000 after acquiring an additional 103,941 shares during the period. 65.46% of the stock is 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).