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

First Internet Bancorp (NASDAQ:INBK) has received an average recommendation of “Hold” from the six ratings firms that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $28.00.

A number of analysts recently commented on the company. Wall Street Zen raised First Internet Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Keefe, Bruyette & Woods upped their price objective on shares of First Internet Bancorp from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Friday, May 1st. Piper Sandler raised their target price on shares of First Internet Bancorp from $24.00 to $26.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Benchmark initiated coverage on shares of First Internet Bancorp in a research report on Wednesday, June 24th. They set a “buy” rating and a $33.00 price target on the stock. Finally, 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.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Aegis Financial Corp purchased a new stake in shares of First Internet Bancorp in the 4th quarter worth approximately $5,224,000. Patriot Financial Partners GP II L.P. purchased a new position in First Internet Bancorp during the third quarter valued at $4,696,000. Heartland Advisors Inc. boosted its holdings in First Internet Bancorp by 33.4% in the first quarter. Heartland Advisors Inc. now owns 384,900 shares of the bank’s stock worth $7,844,000 after acquiring an additional 96,305 shares in the last quarter. Simcoe Capital LLC bought a new stake in First Internet Bancorp in the fourth quarter worth $1,935,000. Finally, CSM Advisors LLC grew its stake in shares of First Internet Bancorp by 35.9% in the fourth quarter. CSM Advisors LLC now owns 191,854 shares of the bank’s stock worth $4,005,000 after acquiring an additional 50,695 shares during the last quarter. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Trading Up 0.6%

Shares of NASDAQ:INBK traded up $0.16 during midday trading on Friday, hitting $26.41. 11,477 shares of the stock traded hands, compared to its average volume of 37,115. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $230.30 million, a PE ratio of -6.86 and a beta of 0.83. First Internet Bancorp has a one year low of $17.05 and a one year high of $28.88. The business’s 50 day moving average is $25.34 and its two-hundred day moving average is $22.72.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Thursday, April 30th. The bank reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.21. The business had revenue of $43.12 million during the quarter, compared to analyst estimates of $45.67 million. First Internet Bancorp had a negative return on equity of 1.14% and a negative net margin of 9.60%. As a group, research analysts forecast that First Internet Bancorp will post 1.98 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

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

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).