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

Shares of First Internet Bancorp (NASDAQ:INBK) have been given a consensus rating of “Reduce” by the five brokerages that are presently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $25.1667.

A number of research firms have weighed in on INBK. Keefe, Bruyette & Woods cut their price target on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a research note on Friday, January 30th. Wall Street Zen raised First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday. Piper Sandler reduced their target price on First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a report on Friday, January 30th. Hovde Group upped their price target on First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Finally, Zacks Research downgraded First Internet Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th.

Insider Transactions at First Internet Bancorp

In other First Internet Bancorp news, COO Nicole S. Lorch acquired 2,000 shares of the company’s stock in a transaction dated Monday, November 17th. The stock was bought at an average price of $17.96 per share, with a total value of $35,920.00. Following the completion of the transaction, the chief operating officer directly owned 70,206 shares of the company’s stock, valued at approximately $1,260,899.76. The trade was a 2.93% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 8.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Internet Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in INBK. Creative Planning acquired a new position in First Internet Bancorp during the 2nd quarter worth approximately $1,691,000. CSM Advisors LLC acquired a new stake in First Internet Bancorp in the second quarter valued at approximately $3,923,000. Fourthstone LLC raised its stake in shares of First Internet Bancorp by 254.9% during the second quarter. Fourthstone LLC now owns 145,141 shares of the bank’s stock valued at $3,904,000 after purchasing an additional 104,241 shares during the period. Hsbc Holdings PLC lifted its position in shares of First Internet Bancorp by 127.4% during the second quarter. Hsbc Holdings PLC now owns 26,330 shares of the bank’s stock worth $716,000 after purchasing an additional 14,751 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of First Internet Bancorp by 7.8% in the second quarter. American Century Companies Inc. now owns 144,829 shares of the bank’s stock valued at $3,896,000 after purchasing an additional 10,494 shares during the period. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Stock Performance

NASDAQ INBK opened at $21.76 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $189.53 million, a PE ratio of -5.40 and a beta of 0.83. The business’s 50-day moving average price is $21.41 and its 200 day moving average price is $21.64. First Internet Bancorp has a twelve month low of $17.05 and a twelve month high of $33.72.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.52%. The business had revenue of $42.11 million for the quarter, compared to analyst estimates of $32.80 million. On average, research analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a $0.06 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $0.24 annualized dividend and a yield of 1.1%. First Internet Bancorp’s dividend payout ratio (DPR) is presently -5.96%.

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).