First Internet Bancorp (NASDAQ:INBK) Given Average Rating of “Hold” by Analysts

Shares of First Internet Bancorp (NASDAQ:INBK) have been assigned an average recommendation of “Hold” from the five research firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $25.1667.

Several equities analysts have recently issued reports on the company. Zacks Research raised First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a report on Friday, March 27th. Wall Street Zen raised First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. Hovde Group upped their price target on First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Finally, Keefe, Bruyette & Woods reduced 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, January 30th.

Hedge Funds Weigh In On First Internet Bancorp

A number of hedge funds have recently made changes to their positions in the company. Bridgeway Capital Management LLC raised its holdings in shares of First Internet Bancorp by 1.3% during the third quarter. Bridgeway Capital Management LLC now owns 44,217 shares of the bank’s stock valued at $992,000 after acquiring an additional 584 shares during the last quarter. GSA Capital Partners LLP raised its holdings in shares of First Internet Bancorp by 1.5% during the fourth quarter. GSA Capital Partners LLP now owns 48,200 shares of the bank’s stock valued at $1,006,000 after acquiring an additional 691 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of First Internet Bancorp by 19.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock valued at $126,000 after acquiring an additional 1,000 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of First Internet Bancorp by 7.1% during the fourth quarter. Empowered Funds LLC now owns 15,329 shares of the bank’s stock valued at $320,000 after acquiring an additional 1,012 shares during the last quarter. Finally, Man Group plc raised its holdings in shares of First Internet Bancorp by 5.1% during the third quarter. Man Group plc now owns 21,818 shares of the bank’s stock valued at $489,000 after acquiring an additional 1,053 shares during the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Stock Performance

Shares of INBK stock opened at $24.33 on Tuesday. The stock has a market cap of $212.16 million, a PE ratio of -6.04 and a beta of 0.79. The business has a 50-day simple moving average of $20.93 and a 200-day simple moving average of $20.70. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.99. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $28.51.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. The business had revenue of $42.11 million during the quarter, compared to analysts’ expectations of $32.80 million. First Internet Bancorp had a negative return on equity of 1.54% and a negative net margin of 10.05%. On average, equities analysts expect that First Internet Bancorp will post 2.22 EPS for the current year.

First Internet Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, March 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 is presently -5.96%.

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).