First Internet Bancorp (INBK) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of First Internet Bancorp (NASDAQ:INBK) from a buy rating to a hold rating in a research note released on Tuesday, January 9th.

According to Zacks, “First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana. The Bank operates through the internet primarily in the United States. Its services includes checking accounts, regular and money market savings accounts, consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First Internet Bancorp is based in Indianapolis, United States. “

A number of other brokerages have also recently weighed in on INBK. BidaskClub cut shares of First Internet Bancorp from a buy rating to a hold rating in a research report on Tuesday, December 12th. Maxim Group boosted their price objective on shares of First Internet Bancorp from $37.00 to $44.00 and gave the stock a buy rating in a report on Monday, October 23rd. Hovde Group boosted their price objective on shares of First Internet Bancorp from $37.00 to $43.00 and gave the stock an outperform rating in a report on Monday, October 23rd. Keefe, Bruyette & Woods reiterated a buy rating and issued a $44.00 price objective on shares of First Internet Bancorp in a report on Friday, October 20th. Finally, TheStreet upgraded shares of First Internet Bancorp from a c+ rating to a b rating in a report on Thursday, November 16th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has a consensus rating of Buy and an average price target of $43.75.

Shares of First Internet Bancorp (NASDAQ:INBK) opened at $40.95 on Tuesday. The company has a current ratio of 1.01, a quick ratio of 0.99 and a debt-to-equity ratio of 1.82. First Internet Bancorp has a 12-month low of $25.48 and a 12-month high of $42.40. The firm has a market cap of $344.43 and a price-to-earnings ratio of 17.13.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Friday, October 20th. The bank reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.08. First Internet Bancorp had a net margin of 17.60% and a return on equity of 8.87%. The firm had revenue of $17.33 million during the quarter, compared to analysts’ expectations of $16.90 million. analysts anticipate that First Internet Bancorp will post 2.36 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be issued a $0.06 dividend. The ex-dividend date is Thursday, December 28th. This represents a $0.24 dividend on an annualized basis and a yield of 0.59%. First Internet Bancorp’s dividend payout ratio is currently 10.04%.

Hedge funds have recently modified their holdings of the business. Citigroup Inc. lifted its holdings in First Internet Bancorp by 3,143.3% in the 2nd quarter. Citigroup Inc. now owns 4,119 shares of the bank’s stock worth $115,000 after buying an additional 3,992 shares in the last quarter. Valeo Financial Advisors LLC acquired a new position in First Internet Bancorp in the 3rd quarter worth $134,000. Strs Ohio lifted its holdings in First Internet Bancorp by 96.0% in the 3rd quarter. Strs Ohio now owns 4,900 shares of the bank’s stock worth $158,000 after buying an additional 2,400 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in First Internet Bancorp by 3.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,144 shares of the bank’s stock worth $144,000 after buying an additional 159 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of First Internet Bancorp in the 3rd quarter valued at about $167,000. Hedge funds and other institutional investors own 63.87% of the company’s stock.

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About First Internet Bancorp

First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana (the Bank). The Company offers a complement of products and services on a nationwide basis. The Company conducts its deposit operations primarily over the Internet.

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