First Internet Bancorp (NASDAQ:INBK) Upgraded 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 research note published on Saturday morning.

Several other equities research analysts have also issued reports on the company. Keefe, Bruyette & Woods reduced their price target on 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. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday, December 29th. Hovde Group decreased 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 report on Friday, October 24th. Piper Sandler cut their price target on shares of First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating on the stock in a report on Monday, October 27th. Finally, Zacks Research raised shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, December 25th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, First Internet Bancorp presently has an average rating of “Hold” and a consensus target price of $24.33.

First Internet Bancorp Trading Down 2.9%

First Internet Bancorp stock opened at $21.00 on Friday. First Internet Bancorp has a 12 month low of $17.05 and a 12 month high of $36.72. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 1.01. The stock has a market cap of $182.91 million, a P/E ratio of -5.53 and a beta of 0.81. The company’s fifty day simple moving average is $19.94 and its 200-day simple moving average is $22.39.

First Internet Bancorp (NASDAQ:INBK) last announced 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 2.05% and a negative net margin of 9.35%.The firm had revenue of $43.53 million for the quarter, compared to analysts’ expectations of $33.48 million. As a group, sell-side analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Wednesday, December 31st. First Internet Bancorp’s dividend payout ratio is -6.32%.

Insider Transactions at First Internet Bancorp

In other First Internet Bancorp news, Director John K. Keach, Jr. purchased 2,000 shares of the company’s stock in a transaction on Tuesday, October 28th. The shares were bought at an average cost of $19.34 per share, with a total value of $38,680.00. Following the transaction, the director directly owned 37,046 shares in the company, valued at approximately $716,469.64. This represents a 5.71% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Nicole S. Lorch purchased 2,000 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were acquired at an average price of $17.96 per share, with a total value of $35,920.00. Following the completion of the acquisition, 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. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 10,110 shares of company stock worth $187,863. Company insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On First Internet Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC raised its stake in First Internet Bancorp by 202.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock valued at $48,000 after purchasing an additional 1,198 shares during the last quarter. GAMMA Investing LLC grew its position in First Internet Bancorp by 1,123.5% during the fourth quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock worth $66,000 after buying an additional 2,921 shares in the last quarter. BNP Paribas Financial Markets grew its position in First Internet Bancorp by 92.1% during the third quarter. BNP Paribas Financial Markets now owns 9,261 shares of the bank’s stock worth $208,000 after buying an additional 4,439 shares in the last quarter. Teton Advisors LLC bought a new position in First Internet Bancorp during the third quarter valued at about $224,000. Finally, Jump Financial LLC acquired a new position in First Internet Bancorp in the 2nd quarter valued at approximately $236,000. 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).