First Internet Bancorp (NASDAQ:INBK) Given Consensus Recommendation of “Reduce” by Analysts

Shares of First Internet Bancorp (NASDAQ:INBK) have received a consensus rating of “Reduce” from the five research firms that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $25.1667.

Several research firms recently issued reports on INBK. Keefe, Bruyette & Woods dropped their price target on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a research note on Friday, January 30th. Piper Sandler dropped their target price on First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a research report on Friday, January 30th. Zacks Research downgraded First Internet Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Hovde Group raised their price objective on First Internet Bancorp from $26.00 to $29.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th.

First Internet Bancorp Trading Up 1.3%

Shares of INBK traded up $0.26 during trading hours on Monday, hitting $20.54. The stock had a trading volume of 1,936 shares, compared to its average volume of 53,311. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $30.74. The firm has a market cap of $178.86 million, a P/E ratio of -5.10 and a beta of 0.83. 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 company’s fifty day simple moving average is $21.27 and its 200 day simple moving average is $21.46.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings results on Thursday, January 29th. The bank reported $0.64 EPS 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 analyst estimates of $32.80 million. Equities research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, December 31st. First Internet Bancorp’s payout ratio is currently -5.96%.

Hedge Funds Weigh In On First Internet Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of INBK. Tower Research Capital LLC TRC lifted its holdings 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 worth $48,000 after purchasing an additional 1,198 shares during the last quarter. GAMMA Investing LLC increased its position in First Internet Bancorp by 1,123.5% in the fourth quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock worth $66,000 after buying an additional 2,921 shares during the period. Deutsche Bank AG lifted its stake in First Internet Bancorp by 4,390.4% in the fourth quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock valued at $108,000 after buying an additional 5,049 shares during the last quarter. Public Employees Retirement System of Ohio boosted 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 period. Finally, Wells Fargo & Company MN grew its position in shares of First Internet Bancorp by 62.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock worth $183,000 after acquiring an additional 3,379 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors and hedge funds.

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).