First Internet Bancorp (NASDAQ:INBK) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of First Internet Bancorp (NASDAQ:INBK) from a sell rating to a hold rating in a report released on Saturday morning.

Other equities research analysts also recently issued reports about the stock. Piper Sandler cut their price target on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a research note on Monday, October 27th. Hovde Group lowered their price objective on First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating on the stock in a research note on Friday, October 24th. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. Keefe, Bruyette & Woods reduced their target price on First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating on the stock in a report on Friday, October 24th. Finally, Zacks Research upgraded First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, December 25th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $24.33.

First Internet Bancorp Trading Up 0.1%

Shares of First Internet Bancorp stock opened at $21.62 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.88 and a current ratio of 0.91. The firm has a 50-day moving average of $19.88 and a 200-day moving average of $22.46. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $36.72. The stock has a market cap of $188.31 million, a PE ratio of -5.69 and a beta of 0.81.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, October 22nd. The bank reported ($1.43) earnings per share for the quarter, missing the consensus estimate of $0.66 by ($2.09). The business had revenue of $43.53 million during 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, sell-side analysts forecast that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be paid a $0.06 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $0.24 annualized dividend and a dividend yield of 1.1%. First Internet Bancorp’s dividend payout ratio (DPR) is presently -6.32%.

Insider Buying and Selling

In other First Internet Bancorp news, CEO David B. Becker acquired 5,000 shares of First Internet Bancorp stock in a transaction that occurred on Wednesday, October 29th. The shares were acquired at an average cost 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 of the company’s stock, valued at $7,826,351.98. This represents a 1.21% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Nicole S. Lorch bought 2,000 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was acquired at an average price of $17.96 per share, for a total transaction of $35,920.00. Following the transaction, the chief operating officer 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. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 10,110 shares of company stock worth $187,863 in the last ninety days. 8.00% of the stock is owned by insiders.

Hedge Funds Weigh In On First Internet Bancorp

A number of institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its position in First Internet Bancorp by 78.5% in the first quarter. Royal Bank of Canada now owns 13,789 shares of the bank’s stock valued at $369,000 after buying an additional 6,064 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of First Internet Bancorp by 81.4% in the 1st quarter. Empowered Funds LLC now owns 13,135 shares of the bank’s stock valued at $352,000 after acquiring an additional 5,893 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of First Internet Bancorp during the 1st quarter valued at $297,000. Acadian Asset Management LLC grew its position in First Internet Bancorp by 0.9% during the 1st 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 last quarter. Finally, Strs Ohio acquired a new position in First Internet Bancorp in the 1st quarter worth about $482,000. 65.46% of the stock is currently owned by institutional investors and hedge funds.

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).