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

Shares of First Internet Bancorp (NASDAQ:INBK) have received a consensus rating of “Hold” from the five analysts that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $24.3333.

Several analysts recently weighed in on the company. Hovde Group reduced their price objective on First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating on the stock in a research note on Friday, October 24th. Wall Street Zen upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Saturday. Piper Sandler cut their price objective on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating on the stock in a report on Monday, October 27th. Keefe, Bruyette & Woods lowered their target price on First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating for the company in a report on Friday, October 24th. Finally, Zacks Research upgraded First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, December 25th.

First Internet Bancorp Trading Up 0.1%

INBK stock opened at $21.62 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.88. The company has a fifty day moving average price of $19.88 and a two-hundred day moving average price of $22.46. First Internet Bancorp has a one year low of $17.05 and a one year high of $36.72. The stock has a market cap of $188.31 million, a price-to-earnings ratio of -5.69 and a beta of 0.81.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, October 22nd. The bank reported ($1.43) earnings per share for the quarter, missing the consensus estimate of $0.66 by ($2.09). The company had revenue of $43.53 million during the quarter, compared to the consensus estimate of $33.48 million. First Internet Bancorp had a negative net margin of 9.35% and a negative return on equity of 2.05%. Equities analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be given a dividend of $0.06 per share. The ex-dividend date is Wednesday, December 31st. This represents a $0.24 annualized dividend and a yield of 1.1%. First Internet Bancorp’s dividend payout ratio (DPR) is currently -6.32%.

Insiders Place Their Bets

In other First Internet Bancorp news, COO Nicole S. Lorch purchased 2,000 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was purchased at an average cost of $17.96 per share, for a total transaction of $35,920.00. Following the transaction, the chief operating officer owned 70,206 shares in the company, valued at $1,260,899.76. The trade was a 2.93% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO David B. Becker purchased 5,000 shares of the business’s stock in a transaction dated Wednesday, October 29th. The shares were acquired at an average price of $18.67 per share, for a total transaction of $93,350.00. Following the acquisition, the chief executive officer owned 419,194 shares of the company’s stock, valued at $7,826,351.98. This trade represents a 1.21% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 10,110 shares of company stock valued at $187,863 in the last ninety days. 8.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Internet Bancorp

Large investors have recently modified their holdings of the company. Creative Planning bought a new stake in shares of First Internet Bancorp during the second quarter valued at approximately $1,691,000. CSM Advisors LLC acquired a new stake in First Internet Bancorp in the 2nd quarter valued at $3,923,000. Fourthstone LLC increased its stake in First Internet Bancorp by 254.9% during the 2nd quarter. Fourthstone LLC now owns 145,141 shares of the bank’s stock valued at $3,904,000 after purchasing an additional 104,241 shares in the last quarter. Strs Ohio acquired a new position in First Internet Bancorp during the first quarter worth $482,000. Finally, Acadian Asset Management LLC lifted its stake in shares of First Internet Bancorp by 0.9% in the first quarter. Acadian Asset Management LLC now owns 186,529 shares of the bank’s stock valued at $4,994,000 after buying an additional 1,731 shares in the last quarter. 65.46% of the stock is currently 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).