First Internet Bancorp (NASDAQ:INBK) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of First Internet Bancorp (NASDAQ:INBK) from a hold rating to a sell rating in a research report sent to investors on Saturday.

Several other equities research analysts have also recently issued reports on INBK. Piper Sandler decreased their price objective on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a research report on Friday. Keefe, Bruyette & Woods decreased their price target on First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating for the company in a report on Friday. Hovde Group increased their price objective on First Internet Bancorp from $26.00 to $29.00 and gave the company an “outperform” rating in a report on Friday. Weiss Ratings reissued a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. Finally, Zacks Research raised First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Thursday, December 25th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, First Internet Bancorp has an average rating of “Hold” and a consensus price target of $25.17.

First Internet Bancorp Stock Performance

Shares of INBK opened at $23.00 on Friday. First Internet Bancorp has a 1 year low of $17.05 and a 1 year high of $34.21. The stock has a market capitalization of $200.24 million, a PE ratio of -5.71 and a beta of 0.81. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91. The stock has a 50-day simple moving average of $21.14 and a 200-day simple moving average of $21.82.

First Internet Bancorp (NASDAQ:INBK) last issued its earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.52%. The firm had revenue of $42.11 million for the quarter, compared to analysts’ expectations of $32.80 million. On average, analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a dividend of $0.06 per share. The ex-dividend date was Wednesday, December 31st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.0%. First Internet Bancorp’s dividend payout ratio (DPR) is -5.96%.

Insider Activity at First Internet Bancorp

In other First Internet Bancorp news, COO Nicole S. Lorch purchased 2,000 shares of First Internet Bancorp stock in a transaction that occurred on Monday, November 17th. The stock was purchased at an average price of $17.96 per share, for a total transaction of $35,920.00. Following the transaction, the chief operating officer directly owned 70,206 shares in the company, valued at $1,260,899.76. This trade represents a 2.93% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 8.00% of the stock is owned by insiders.

Institutional Trading of First Internet Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in INBK. Tower Research Capital LLC TRC grew its stake in shares of First Internet Bancorp by 202.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock valued at $48,000 after purchasing an additional 1,198 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of First Internet Bancorp by 1,123.5% during the fourth quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock worth $66,000 after purchasing an additional 2,921 shares during the period. Jump Financial LLC purchased a new position in First Internet Bancorp in the 2nd quarter valued at $236,000. BNP Paribas Financial Markets increased its stake in First Internet Bancorp by 92.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,261 shares of the bank’s stock valued at $208,000 after buying an additional 4,439 shares during the period. Finally, Teton Advisors LLC acquired a new position in First Internet Bancorp in the 3rd quarter valued at $224,000. 65.46% of the stock is owned by hedge funds and other institutional investors.

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).