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

Shares of First Internet Bancorp (NASDAQ:INBK) have received an average rating of “Hold” from the five ratings firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $24.3333.

A number of research firms recently commented on INBK. Hovde Group lowered their price target on First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday, December 29th. Zacks Research upgraded shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a report on Thursday, December 25th. Wall Street Zen upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating for the company in a research note on Friday, October 24th.

First Internet Bancorp Price Performance

INBK stock opened at $21.62 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91. The business has a 50-day simple moving average of $19.88 and a two-hundred day simple moving average of $22.46. The company has a market capitalization of $188.31 million, a P/E ratio of -5.69 and a beta of 0.81. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $36.72.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, October 22nd. The bank reported ($1.43) EPS for the quarter, missing the consensus estimate of $0.66 by ($2.09). First Internet Bancorp had a negative return on equity of 2.05% and a negative net margin of 9.35%.The company had revenue of $43.53 million during the quarter, compared to analysts’ expectations of $33.48 million. Research analysts expect that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Wednesday, December 31st. First Internet Bancorp’s dividend payout ratio (DPR) is -6.32%.

Insider Buying and Selling at First Internet Bancorp

In related news, COO Nicole S. Lorch acquired 2,000 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was acquired at an average price of $17.96 per share, for a total transaction of $35,920.00. Following the completion of the acquisition, the chief operating officer owned 70,206 shares of the company’s stock, valued at approximately $1,260,899.76. This represents a 2.93% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John K. Keach, Jr. acquired 2,000 shares of the stock in a transaction on Tuesday, October 28th. The stock was bought at an average cost of $19.34 per share, for a total transaction of $38,680.00. Following the transaction, the director owned 37,046 shares of the company’s stock, valued at approximately $716,469.64. This trade represents a 5.71% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired 10,110 shares of company stock worth $187,863 in the last quarter. 8.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Internet Bancorp

Several institutional investors have recently bought and sold shares of INBK. Vanguard Group Inc. grew its holdings in First Internet Bancorp by 1.3% during the third quarter. Vanguard Group Inc. now owns 435,025 shares of the bank’s stock valued at $9,758,000 after purchasing an additional 5,632 shares during the period. Heartland Advisors Inc. grew its stake in shares of First Internet Bancorp by 5.3% during the 3rd quarter. Heartland Advisors Inc. now owns 283,850 shares of the bank’s stock worth $6,367,000 after acquiring an additional 14,250 shares during the period. Patriot Financial Partners GP II L.P. purchased a new stake in First Internet Bancorp in the 3rd quarter worth about $4,696,000. Acadian Asset Management LLC raised its stake in First Internet Bancorp by 0.9% in the 1st quarter. Acadian Asset Management LLC now owns 186,529 shares of the bank’s stock valued at $4,994,000 after acquiring an additional 1,731 shares during the period. Finally, CSM Advisors LLC bought a new stake in First Internet Bancorp in the 2nd quarter valued at about $3,923,000. Hedge funds and other 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).