First Internet Bancorp (NASDAQ:INBK) Receives $28.00 Average Price Target from Brokerages

First Internet Bancorp (NASDAQ:INBK) has been assigned a consensus recommendation of “Hold” from the six brokerages that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $28.00.

Several research firms have weighed in on INBK. Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a report on Wednesday, June 24th. Zacks Research raised shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Keefe, Bruyette & Woods lifted their price objective on First Internet Bancorp from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Friday, May 1st. Piper Sandler increased their target price on First Internet Bancorp from $24.00 to $26.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Finally, Wall Street Zen raised First Internet Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, June 6th.

Institutional Trading of First Internet Bancorp

Hedge funds have recently bought and sold shares of the company. Aegis Financial Corp purchased a new position in shares of First Internet Bancorp during the 4th quarter worth $5,224,000. Patriot Financial Partners GP II L.P. purchased a new stake in shares of First Internet Bancorp in the third quarter valued at $4,696,000. Heartland Advisors Inc. grew its position in shares of First Internet Bancorp by 33.4% in the first quarter. Heartland Advisors Inc. now owns 384,900 shares of the bank’s stock valued at $7,844,000 after purchasing an additional 96,305 shares during the period. Simcoe Capital LLC acquired a new position in First Internet Bancorp in the fourth quarter valued at $1,935,000. Finally, CSM Advisors LLC increased its stake 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 purchasing an additional 50,695 shares during the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Price Performance

INBK stock opened at $26.25 on Friday. The firm has a 50 day moving average of $25.26 and a 200-day moving average of $22.69. The company has a market cap of $228.90 million, a price-to-earnings ratio of -6.82 and a beta of 0.83. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.96. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $28.88.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results 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 return on equity of 1.14% and a negative net margin of 9.60%.The company had revenue of $43.12 million for the quarter, compared to analyst estimates of $45.67 million. As a group, equities analysts expect that First Internet Bancorp will post 1.98 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.24 annualized dividend and a yield of 0.9%. First Internet Bancorp’s payout ratio is presently -6.23%.

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).