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

First Internet Bancorp (NASDAQ:INBK) has been assigned a consensus recommendation of “Reduce” from the five ratings firms that are covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $24.3333.

A number of equities research analysts recently issued reports on INBK shares. Piper Sandler dropped their target price on shares of First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a research report on Monday, October 27th. Keefe, Bruyette & Woods dropped 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 report on Friday, October 24th. Hovde Group cut their target price on shares of First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating for the company in a research note on Friday, October 24th. Zacks Research lowered First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 28th. Finally, Wall Street Zen cut First Internet Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd.

Insider Buying and Selling

In related news, Director John K. Keach, Jr. acquired 2,000 shares of the firm’s stock in a transaction on Tuesday, October 28th. The shares were purchased at an average price of $19.34 per share, with a total value of $38,680.00. Following the acquisition, the director directly owned 37,046 shares in the company, valued at $716,469.64. The trade was a 5.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, COO Nicole S. Lorch acquired 2,000 shares of the stock in a transaction on 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 transaction, the chief operating officer directly owned 70,206 shares in the company, valued at approximately $1,260,899.76. This represents a 2.93% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 10,110 shares of company stock worth $187,863 in the last 90 days. Corporate insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of INBK. AlphaQuest LLC increased its stake in shares of First Internet Bancorp by 239.4% in the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank’s stock valued at $36,000 after buying an additional 960 shares during the period. US Bancorp DE bought a new position in First Internet Bancorp in the first quarter valued at about $38,000. Tower Research Capital LLC TRC increased its position in 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 worth $48,000 after purchasing an additional 1,198 shares during the period. BNP Paribas Financial Markets raised its holdings in First Internet Bancorp by 92.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,261 shares of the bank’s stock worth $208,000 after purchasing an additional 4,439 shares during the last quarter. Finally, Teton Advisors LLC bought a new stake in First Internet Bancorp during the 3rd quarter worth about $224,000. Institutional investors and hedge funds own 65.46% of the company’s stock.

First Internet Bancorp Price Performance

Shares of INBK stock opened at $19.30 on Friday. The stock’s fifty day simple moving average is $20.76 and its 200 day simple moving average is $23.25. First Internet Bancorp has a one year low of $17.05 and a one year high of $43.26. The firm has a market cap of $168.03 million, a price-to-earnings ratio of -5.08 and a beta of 0.93. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.90.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Wednesday, October 22nd. The bank reported ($1.43) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($2.09). First Internet Bancorp had a negative return on equity of 2.00% and a negative net margin of 9.35%.The company had revenue of $43.53 million for the quarter, compared to analyst estimates of $33.48 million. On average, analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Tuesday, September 30th. First Internet Bancorp’s payout ratio is currently -6.32%.

About First Internet Bancorp

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.