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

Shares of First Internet Bancorp (NASDAQ:INBK) have been given an average recommendation of “Hold” by the six research firms that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $28.00.

Several analysts recently commented on INBK shares. Benchmark initiated coverage on First Internet Bancorp in a research note on Wednesday, June 24th. They issued a “buy” rating and a $33.00 price target on the stock. Keefe, Bruyette & Woods lifted their price objective on First Internet Bancorp from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Friday, May 1st. Wall Street Zen upgraded shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Piper Sandler upped their target price on shares of First Internet Bancorp from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Finally, Weiss Ratings raised shares of First Internet Bancorp from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, July 8th.

First Internet Bancorp Stock Down 1.2%

NASDAQ INBK opened at $26.72 on Thursday. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $28.88. The company has a market capitalization of $233.00 million, a price-to-earnings ratio of -6.94 and a beta of 0.83. The stock’s 50 day moving average is $25.94 and its two-hundred day moving average is $23.27. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.96.

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

First Internet Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. First Internet Bancorp’s dividend payout ratio is currently -6.23%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Aegis Financial Corp acquired a new position in shares of First Internet Bancorp in the 4th quarter worth approximately $5,224,000. Patriot Financial Partners GP II L.P. bought a new position in First Internet Bancorp in the 3rd quarter valued at $4,696,000. Heartland Advisors Inc. raised its position in First Internet Bancorp by 33.4% in the 1st quarter. Heartland Advisors Inc. now owns 384,900 shares of the bank’s stock valued at $7,844,000 after purchasing an additional 96,305 shares during the last quarter. Simcoe Capital LLC acquired a new position in First Internet Bancorp in the fourth quarter worth $1,935,000. Finally, CSM Advisors LLC boosted its stake in First Internet Bancorp by 35.9% in the fourth quarter. CSM Advisors LLC now owns 191,854 shares of the bank’s stock worth $4,005,000 after purchasing an additional 50,695 shares in the last quarter. Institutional investors own 65.46% of the company’s stock.

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).