First Internet Bancorp (NASDAQ:INBK) Receives Average Rating of “Hold” from Analysts

Shares of First Internet Bancorp (NASDAQ:INBK) have earned a consensus recommendation of “Hold” from the five brokerages that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $25.6667.

INBK has been the subject of several research reports. Wall Street Zen raised shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday. Zacks Research raised shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Keefe, Bruyette & Woods boosted their price objective on shares of First Internet Bancorp from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Friday, May 1st. Weiss Ratings reissued a “sell (d)” rating on shares of First Internet Bancorp in a research note on Friday, March 27th. Finally, Piper Sandler boosted their price objective on shares of First Internet Bancorp from $23.50 to $24.00 and gave the company a “neutral” rating in a research note on Friday, May 1st.

Hedge Funds Weigh In On First Internet Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC lifted its holdings in 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 worth $48,000 after buying an additional 1,198 shares in the last quarter. GAMMA Investing LLC lifted its holdings in First Internet Bancorp by 1,123.5% in the 4th quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock worth $66,000 after buying an additional 2,921 shares in the last quarter. Deutsche Bank AG lifted its holdings in First Internet Bancorp by 4,390.4% in the 4th quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock worth $108,000 after buying an additional 5,049 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in First Internet Bancorp by 19.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock worth $126,000 after buying an additional 1,000 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in First Internet Bancorp by 62.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock worth $183,000 after buying an additional 3,379 shares in the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Trading Up 1.6%

Shares of INBK opened at $25.41 on Wednesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.88 and a quick ratio of 0.87. The firm has a 50 day simple moving average of $23.44 and a 200-day simple moving average of $21.72. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $28.51. The stock has a market cap of $221.58 million, a price-to-earnings ratio of -6.60 and a beta of 0.85.

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

First Internet Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a dividend of $0.06 per share. The ex-dividend date was Tuesday, March 31st. This represents a $0.24 annualized dividend and a dividend yield of 0.9%. First Internet Bancorp’s payout ratio 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).