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

Shares of First Internet Bancorp (NASDAQ:INBK) have been given an average rating of “Hold” by the six research firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $28.00.

Several equities analysts have issued reports on INBK shares. Zacks Research upgraded shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Keefe, Bruyette & Woods boosted their target price 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 raised First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Benchmark initiated coverage on First Internet Bancorp in a research report on Wednesday, June 24th. They issued a “buy” rating and a $33.00 target price for the company. Finally, Piper Sandler lifted their price target on First Internet Bancorp from $24.00 to $26.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th.

Hedge Funds Weigh In On First Internet Bancorp

A number of institutional investors have recently modified their holdings of INBK. Royal Bank of Canada grew its position in First Internet Bancorp by 78.5% during the 1st quarter. Royal Bank of Canada now owns 13,789 shares of the bank’s stock worth $369,000 after purchasing an additional 6,064 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of First Internet Bancorp by 81.4% in the first quarter. Empowered Funds LLC now owns 13,135 shares of the bank’s stock valued at $352,000 after buying an additional 5,893 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of First Internet Bancorp in the first quarter valued at about $297,000. First Trust Advisors LP boosted its stake in shares of First Internet Bancorp by 4.9% during the second quarter. First Trust Advisors LP now owns 31,683 shares of the bank’s stock worth $852,000 after buying an additional 1,474 shares during the period. Finally, Jump Financial LLC acquired a new stake in shares of First Internet Bancorp during the second quarter worth about $236,000. 65.46% of the stock is owned by institutional investors and hedge funds.

First Internet Bancorp Price Performance

Shares of NASDAQ:INBK opened at $28.10 on Friday. The firm has a 50 day simple moving average of $24.92 and a 200-day simple moving average of $22.55. First Internet Bancorp has a twelve month low of $17.05 and a twelve month high of $28.88. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $245.03 million, a PE ratio of -7.30 and a beta of 0.83.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Thursday, April 30th. The bank reported $0.29 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $43.12 million for the quarter, compared to the consensus estimate of $45.67 million. On average, equities analysts predict that First Internet Bancorp will post 1.98 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, June 30th. First Internet Bancorp’s dividend payout ratio 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).