First Internet Bancorp (NASDAQ:INBK) Stock Now Rated “Hold” by Sell-Side Analysts

First Internet Bancorp (NASDAQ:INBK) has been given a consensus recommendation of “Hold” by the six analysts that are covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $30.62.

A number of brokerages have recently weighed in on INBK. Keefe, Bruyette & Woods raised their price objective on shares of First Internet Bancorp from $27.00 to $29.00 and gave the stock a “market perform” rating in a research note on Friday, October 30th. Wall Street Zen downgraded First Internet Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. Zacks Research lowered shares of First Internet Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 27th. Piper Sandler raised their price target on shares of First Internet Bancorp from $26.00 to $29.50 and gave the stock a “neutral” rating in a research note on Friday, July 31st. Finally, Weiss Ratings upgraded shares of First Internet Bancorp from a “sell (d+)” rating to a “hold (c+)” rating in a report on Monday.

First Internet Bancorp Price Performance

Shares of NASDAQ INBK opened at $25.68 on Friday. The stock has a market cap of $224.29 million, a price-to-earnings ratio of 15.11 and a beta of 0.86. First Internet Bancorp has a 52 week low of $17.05 and a 52 week high of $31.09. The company’s 50-day moving average price is $26.86 and its 200 day moving average price is $24.87. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.02.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Thursday, October 29th. The bank reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.21). First Internet Bancorp had a return on equity of 4.34% and a net margin of 4.27%. The business had revenue of $43.94 million for the quarter, compared to analyst estimates of $46.17 million. As a group, research analysts forecast that First Internet Bancorp will post 2.18 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Thursday, October 1st were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.24 annualized dividend and a dividend yield of 0.9%. First Internet Bancorp’s dividend payout ratio is presently 14.12%.

Institutional Trading of First Internet Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ieq Capital LLC raised its holdings in First Internet Bancorp by 12.6% in the 3rd quarter. Ieq Capital LLC now owns 19,003 shares of the bank’s stock valued at $501,000 after acquiring an additional 2,128 shares during the last quarter. R Squared Ltd acquired a new stake in shares of First Internet Bancorp during the third quarter worth $211,000. Corient Private Wealth LP acquired a new stake in shares of First Internet Bancorp during the second quarter worth $253,000. Wellington Management Group LLP acquired a new stake in shares of First Internet Bancorp during the second quarter worth $1,649,000. Finally, Empowered Funds LLC purchased a new stake in shares of First Internet Bancorp in the second quarter valued at $426,000. 65.46% of the stock is owned by hedge funds and other institutional investors.

About First Internet Bancorp

First Internet Bancorp is a bank holding company headquartered in Fishers, Indiana. Its principal subsidiary, First Internet Bank, provides a range of banking products and financial services to businesses, organizations and individual consumers. First Internet Bank’s offerings include commercial and industrial lending, commercial real estate financing, small business and SBA loans, public finance, residential mortgage lending, consumer loans, deposit accounts and treasury management services. The bank also provides online and digital banking capabilities, reflecting its origins as a branchless financial institution.