First Internet Bancorp (NASDAQ:INBK) Given Average Rating of “Hold” by Brokerages

First Internet Bancorp (NASDAQ:INBK) has been given a consensus rating of “Hold” by the five research firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has given a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $25.6667.

A number of research firms recently issued reports on INBK. Wall Street Zen raised First Internet Bancorp from a “hold” rating to a “buy” rating in a report on Saturday. Piper Sandler raised their price target on First Internet Bancorp from $23.50 to $24.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Keefe, Bruyette & Woods raised their price target on First Internet Bancorp from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Friday, May 1st. Zacks Research raised First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of First Internet Bancorp in a report on Friday, March 27th.

Institutional Investors Weigh In On First Internet Bancorp

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

First Internet Bancorp Stock Up 1.6%

Shares of NASDAQ INBK opened at $25.41 on Wednesday. The stock has a market cap of $221.58 million, a P/E ratio of -6.60 and a beta of 0.85. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.96. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $28.51. The business’s fifty day simple moving average is $23.44 and its 200-day simple moving average is $21.72.

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

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors 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 0.9%. First Internet Bancorp’s dividend payout ratio (DPR) is presently -6.23%.

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).