First Internet Bancorp (NASDAQ:INBK) Given Average Rating of “Reduce” by Brokerages

First Internet Bancorp (NASDAQ:INBK) has earned a consensus recommendation of “Reduce” from the five ratings firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $25.1667.

INBK has been the subject of several research analyst reports. Wall Street Zen upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, February 24th. Piper Sandler dropped their price objective on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a research report on Friday, January 30th. Zacks Research lowered shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday, December 29th. Finally, Keefe, Bruyette & Woods dropped their target price on First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a report on Friday, January 30th.

Hedge Funds Weigh In On First Internet Bancorp

A number of institutional investors have recently modified their holdings of INBK. Creative Planning purchased a new position in shares of First Internet Bancorp during the 2nd quarter worth $1,691,000. CSM Advisors LLC acquired a new position in First Internet Bancorp in the second quarter valued at $3,923,000. Fourthstone LLC increased its stake in First Internet Bancorp by 254.9% in the second quarter. Fourthstone LLC now owns 145,141 shares of the bank’s stock valued at $3,904,000 after purchasing an additional 104,241 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in First Internet Bancorp by 18.8% during the second quarter. Thrivent Financial for Lutherans now owns 30,298 shares of the bank’s stock worth $815,000 after buying an additional 4,800 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in First Internet Bancorp by 202.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock worth $48,000 after buying an additional 1,198 shares during the last quarter. 65.46% of the stock is owned by institutional investors and hedge funds.

First Internet Bancorp Trading Up 1.3%

Shares of INBK stock traded up $0.26 during trading on Monday, hitting $20.54. 1,936 shares of the stock traded hands, compared to its average volume of 53,311. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $30.74. The firm has a market capitalization of $178.86 million, a P/E ratio of -5.10 and a beta of 0.83. The firm’s fifty day moving average price is $21.27 and its 200-day moving average price is $21.46. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.88.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. First Internet Bancorp had a negative return on equity of 1.52% and a negative net margin of 10.05%.The company had revenue of $42.11 million during the quarter, compared to analysts’ expectations of $32.80 million. As a group, research analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.24 annualized dividend and a dividend yield of 1.2%. First Internet Bancorp’s dividend payout ratio (DPR) is presently -5.96%.

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).