First Internet Bancorp (NASDAQ:INBK) Receives Consensus Recommendation of “Hold” from Brokerages

First Internet Bancorp (NASDAQ:INBK) has earned an average rating of “Hold” from the five brokerages that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $25.6667.

A number of research analysts recently commented on the stock. Keefe, Bruyette & Woods raised 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. Zacks Research upgraded shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Wall Street Zen upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. 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 report on Friday, January 30th. Finally, Piper Sandler raised their target price on shares of First Internet Bancorp from $23.50 to $24.00 and gave the stock a “neutral” rating in a report on Friday, May 1st.

Institutional Trading of First Internet Bancorp

Large investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio boosted its stake in First Internet Bancorp by 35.9% in the 1st quarter. Public Employees Retirement System of Ohio now owns 8,184 shares of the bank’s stock worth $167,000 after purchasing an additional 2,160 shares during the period. Sei Investments Co. acquired a new position in First Internet Bancorp in the 1st quarter worth approximately $245,000. Aegis Financial Corp boosted its stake in First Internet Bancorp by 41.5% in the 1st quarter. Aegis Financial Corp now owns 354,261 shares of the bank’s stock worth $7,220,000 after purchasing an additional 103,941 shares during the period. Heartland Advisors Inc. boosted its stake in First Internet Bancorp by 33.4% in the 1st quarter. Heartland Advisors Inc. now owns 384,900 shares of the bank’s stock worth $7,844,000 after purchasing an additional 96,305 shares during the period. Finally, Strs Ohio boosted its stake in First Internet Bancorp by 13.0% in the 1st quarter. Strs Ohio now owns 27,900 shares of the bank’s stock worth $569,000 after purchasing an additional 3,200 shares during the period. 65.46% of the stock is currently owned by institutional investors.

First Internet Bancorp Price Performance

Shares of NASDAQ:INBK opened at $23.18 on Friday. The firm’s 50 day moving average is $22.03 and its two-hundred day moving average is $20.97. First Internet Bancorp has a 52 week low of $17.05 and a 52 week high of $28.51. The firm has a market capitalization of $202.13 million, a P/E ratio of -6.02 and a beta of 0.85. 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 announced its quarterly earnings results on Thursday, April 30th. The bank reported $0.29 EPS for the quarter, beating the consensus estimate of $0.08 by $0.21. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. The company had revenue of $43.12 million for the quarter, compared to analyst estimates of $45.67 million. Analysts anticipate that First Internet Bancorp will post 1.98 earnings per share for the current year.

First Internet Bancorp Announces Dividend

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. This represents a $0.24 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Tuesday, March 31st. First Internet Bancorp’s dividend payout ratio (DPR) is presently -6.23%.

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).