First Internet Bancorp (NASDAQ:INBK) Receives $25.67 Consensus Price Target from Analysts

First Internet Bancorp (NASDAQ:INBK – Get Free Report) has been assigned an average recommendation of “Hold” from the five brokerages that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $25.6667.

Several analysts have recently commented on INBK shares. Weiss Ratings reissued a “sell (d)” rating on shares of First Internet Bancorp in a research note on Friday, March 27th. Keefe, Bruyette & Woods upped their price objective on First Internet Bancorp from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Friday, May 1st. Piper Sandler increased their price objective on First Internet Bancorp from $23.50 to $24.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Wall Street Zen upgraded First Internet Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Finally, Zacks Research raised First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th.

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Institutional Trading of First Internet Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in INBK. Vanguard Group Inc. boosted its stake in shares of First Internet Bancorp by 1.3% in the 3rd 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 last quarter. Heartland Advisors Inc. raised its stake in shares of First Internet Bancorp by 33.4% during the first quarter. Heartland Advisors Inc. now owns 384,900 shares of the bank’s stock worth $7,844,000 after buying an additional 96,305 shares during the last quarter. Aegis Financial Corp raised its stake in shares of First Internet Bancorp by 41.5% during the first quarter. Aegis Financial Corp now owns 354,261 shares of the bank’s stock worth $7,220,000 after buying an additional 103,941 shares during the last quarter. Patriot Financial Partners GP II L.P. acquired a new position in First Internet Bancorp in the third quarter valued at approximately $4,696,000. Finally, CSM Advisors LLC lifted its holdings in First Internet Bancorp by 35.9% in the fourth quarter. CSM Advisors LLC now owns 191,854 shares of the bank’s stock valued at $4,005,000 after buying an additional 50,695 shares during the period. 65.46% of the stock is owned by institutional investors.

First Internet Bancorp Price Performance

Shares of NASDAQ INBK opened at $26.17 on Wednesday. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $28.51. The firm’s 50-day simple moving average is $23.77 and its 200 day simple moving average is $21.86. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.96. The company has a market cap of $228.20 million, a price-to-earnings ratio of -6.80 and a beta of 0.85.

First Internet Bancorp (NASDAQ:INBK – Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The bank reported $0.29 earnings per share 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 firm had revenue of $43.12 million during the quarter, compared to analysts’ expectations of $45.67 million. On average, research analysts expect that First Internet Bancorp will post 1.98 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a $0.06 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $0.24 annualized dividend and a yield of 0.9%. First Internet Bancorp’s dividend payout ratio (DPR) is currently -6.23%.

About First Internet Bancorp

(Get Free Report)

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).

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