First Internet Bancorp (NASDAQ:INBK) Receives $24.33 Consensus PT from Analysts

Shares of First Internet Bancorp (NASDAQ:INBK) have been given an average rating of “Hold” by the five ratings firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $24.3333.

Several equities research analysts have commented on INBK shares. Weiss Ratings reissued a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. Wall Street Zen upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Zacks Research upgraded First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, December 25th. Keefe, Bruyette & Woods lowered their price target on First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating on the stock in a research report on Friday, October 24th. Finally, Piper Sandler cut their price objective on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a report on Monday, October 27th.

Insider Activity

In other news, Director John K. Keach, Jr. bought 2,000 shares of the company’s stock in a transaction dated Tuesday, October 28th. The shares were bought at an average cost of $19.34 per share, with a total value of $38,680.00. Following the acquisition, the director owned 37,046 shares in the company, valued at $716,469.64. This trade represents a 5.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David B. Becker bought 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The stock was purchased at an average price of $18.67 per share, with a total value of $93,350.00. Following the completion of the purchase, the chief executive officer directly owned 419,194 shares in the company, valued at $7,826,351.98. The trade was a 1.21% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 10,110 shares of company stock valued at $187,863 in the last quarter. Company insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On First Internet Bancorp

Large investors have recently added to or reduced their stakes in the business. Bridgeway Capital Management LLC increased its stake in shares of First Internet Bancorp by 1.3% during the third quarter. Bridgeway Capital Management LLC now owns 44,217 shares of the bank’s stock worth $992,000 after purchasing an additional 584 shares during the period. Man Group plc lifted its holdings in shares of First Internet Bancorp by 5.1% during the third quarter. Man Group plc now owns 21,818 shares of the bank’s stock worth $489,000 after buying an additional 1,053 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of First Internet Bancorp by 202.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock valued at $48,000 after acquiring an additional 1,198 shares during the period. First Trust Advisors LP grew its stake in shares of First Internet Bancorp by 4.9% in the second quarter. First Trust Advisors LP now owns 31,683 shares of the bank’s stock valued at $852,000 after acquiring an additional 1,474 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in First Internet Bancorp by 0.9% during the first quarter. Acadian Asset Management LLC now owns 186,529 shares of the bank’s stock worth $4,994,000 after acquiring an additional 1,731 shares during the period. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Price Performance

Shares of INBK opened at $22.26 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 1.01. First Internet Bancorp has a twelve month low of $17.05 and a twelve month high of $36.72. The stock has a market capitalization of $193.88 million, a P/E ratio of -5.86 and a beta of 0.81. The company has a 50 day moving average of $20.15 and a 200-day moving average of $22.33.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, October 22nd. The bank reported ($1.43) EPS for the quarter, missing the consensus estimate of $0.66 by ($2.09). The business had revenue of $43.53 million for the quarter, compared to analyst estimates of $33.48 million. First Internet Bancorp had a negative return on equity of 2.05% and a negative net margin of 9.35%. As a group, equities research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

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

About First Internet Bancorp

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).