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

Wall Street Zen downgraded shares of First Internet Bancorp (NASDAQ:INBK) from a hold rating to a sell rating in a research note released on Wednesday.

A number of other research analysts also recently issued reports on INBK. Keefe, Bruyette & Woods reduced their price objective on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a research report on Friday, January 30th. Hovde Group raised their target price on shares of First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. Zacks Research lowered First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Finally, Piper Sandler reduced their price target on First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $25.17.

First Internet Bancorp Trading Up 0.2%

NASDAQ INBK opened at $20.18 on Wednesday. The stock has a market cap of $175.77 million, a P/E ratio of -5.01 and a beta of 0.83. First Internet Bancorp has a fifty-two week low of $17.05 and a fifty-two week high of $30.00. The stock has a 50 day simple moving average of $21.23 and a two-hundred day simple moving average of $21.39. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results 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 firm had revenue of $42.11 million for the quarter, compared to analysts’ expectations of $32.80 million. First Internet Bancorp had a negative return on equity of 1.52% and a negative net margin of 10.05%. On average, analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current 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 issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Wednesday, December 31st. First Internet Bancorp’s dividend payout ratio (DPR) is presently -5.96%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INBK. Royal Bank of Canada boosted its holdings in First Internet Bancorp by 78.5% in the first quarter. Royal Bank of Canada now owns 13,789 shares of the bank’s stock worth $369,000 after acquiring an additional 6,064 shares in the last quarter. Empowered Funds LLC raised its position in shares of First Internet Bancorp by 81.4% in the 1st quarter. Empowered Funds LLC now owns 13,135 shares of the bank’s stock worth $352,000 after purchasing an additional 5,893 shares during the last quarter. Jane Street Group LLC bought a new position in First Internet Bancorp in the 1st quarter worth about $297,000. CSM Advisors LLC bought a new position in First Internet Bancorp in the 2nd quarter worth about $3,923,000. Finally, Creative Planning purchased a new stake in First Internet Bancorp during the 2nd quarter valued at about $1,691,000. Institutional investors own 65.46% of the company’s stock.

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).