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

Shares of First Internet Bancorp (NASDAQ:INBK) have earned a consensus recommendation of “Hold” from the five ratings firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $24.3333.

INBK has been the subject of several recent analyst reports. Wall Street Zen raised First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday, December 29th. Piper Sandler decreased their price objective 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 target price on shares of 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 shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, December 25th.

First Internet Bancorp Price Performance

NASDAQ:INBK opened at $21.71 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 stock’s 50-day simple moving average is $20.23 and its 200 day simple moving average is $22.26. The company has a market cap of $189.09 million, a P/E ratio of -5.71 and a beta of 0.81. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $36.72.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly 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 company had revenue of $43.53 million for the quarter, compared to analyst estimates of $33.48 million. First Internet Bancorp had a negative net margin of 9.35% and a negative return on equity of 2.05%. As a group, sell-side analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

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

Insider Buying and Selling

In other First Internet Bancorp news, COO Nicole S. Lorch purchased 2,000 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The shares were acquired at an average price of $17.96 per share, for a total transaction of $35,920.00. Following the purchase, the chief operating officer owned 70,206 shares in the company, valued at approximately $1,260,899.76. The trade was a 2.93% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO David B. Becker purchased 5,000 shares of the business’s stock in a transaction 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 acquisition, the chief executive officer directly owned 419,194 shares in the company, valued at approximately $7,826,351.98. The trade was a 1.21% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have acquired 10,110 shares of company stock valued at $187,863. 8.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of INBK. Patriot Financial Partners GP II L.P. acquired a new stake in First Internet Bancorp during the third quarter worth approximately $4,696,000. CSM Advisors LLC bought a new position in shares of First Internet Bancorp during the second quarter worth approximately $3,923,000. Fourthstone LLC increased 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 worth $3,904,000 after purchasing an additional 104,241 shares during the period. Creative Planning acquired a new stake in First Internet Bancorp during the 2nd quarter worth approximately $1,691,000. Finally, Russell Investments Group Ltd. boosted its stake in First Internet Bancorp by 59.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 90,470 shares of the bank’s stock valued at $2,029,000 after purchasing an additional 33,622 shares during the period. Institutional investors and hedge funds own 65.46% of the company’s stock.

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).