First Internet Bancorp (NASDAQ:INBK) Given Consensus Recommendation of “Hold” by Brokerages

First Internet Bancorp (NASDAQ:INBK) has received a consensus recommendation of “Hold” from the six research firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $29.3750.

A number of research analysts have recently commented on INBK shares. Benchmark increased their target price on First Internet Bancorp from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Wall Street Zen raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Weiss Ratings upgraded shares of First Internet Bancorp from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, July 8th. Finally, Piper Sandler lifted their price objective on shares of First Internet Bancorp from $26.00 to $29.50 and gave the stock a “neutral” rating in a research note on Friday, July 31st.

First Internet Bancorp Price Performance

NASDAQ:INBK opened at $27.64 on Friday. The business’s 50-day moving average is $28.08 and its 200 day moving average is $25.09. First Internet Bancorp has a 12 month low of $17.05 and a 12 month high of $31.09. The company has a market capitalization of $241.41 million, a P/E ratio of -7.68 and a beta of 0.83. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.95.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Thursday, July 30th. The bank reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.12. First Internet Bancorp had a negative return on equity of 0.55% and a negative net margin of 9.01%.The business had revenue of $41.12 million during the quarter, compared to analysts’ expectations of $43.83 million. First Internet Bancorp has set its FY 2026 guidance at 2.350-2.450 EPS. On average, equities research analysts forecast that First Internet Bancorp will post 2.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc increased its stake in First Internet Bancorp by 7.3% during the second quarter. Versant Capital Management Inc now owns 5,533 shares of the bank’s stock worth $154,000 after acquiring an additional 376 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of First Internet Bancorp by 35.9% in 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 last quarter. Deutsche Bank AG bought a new stake in shares of First Internet Bancorp in the 2nd quarter valued at approximately $223,000. Corient Private Wealth LP bought a new stake in shares of First Internet Bancorp in the 2nd quarter valued at approximately $235,000. Finally, Sei Investments Co. purchased a new position in shares of First Internet Bancorp in the 1st quarter worth approximately $245,000. Hedge funds and other institutional investors own 65.46% of the company’s stock.

About First Internet Bancorp

First Internet Bancorp is the bank holding company for First Internet Bank, a full-service digital financial institution headquartered in Fishers, Indiana. Founded in 1999, First Internet Bank was established as an internet-based bank and provides banking services through digital channels, supported by offices and lending operations serving customers in Indiana and other markets.

The bank offers commercial and consumer financial products, including checking and savings accounts, money market accounts, certificates of deposit, residential and commercial real estate lending, construction loans, commercial and industrial financing, small business lending, and municipal finance.