First Internet Bancorp (NASDAQ:INBK) Stock Rating Cut to Hold at Zacks Research

Zacks Research lowered shares of First Internet Bancorp (NASDAQ:INBK) from a strong-buy rating to a hold rating in a report issued on Tuesday morning,Zacks reports.

A number of other equities analysts have also recently issued reports on INBK. Benchmark upped their price objective on First Internet Bancorp from $33.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Piper Sandler raised their price objective on First Internet Bancorp from $26.00 to $29.50 and gave the company a “neutral” rating in a report on Friday, July 31st. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of First Internet Bancorp in a report on Friday, October 2nd. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, First Internet Bancorp presently has a consensus rating of “Hold” and a consensus price target of $29.38.

First Internet Bancorp Stock Performance

NASDAQ INBK opened at $26.66 on Tuesday. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $31.09. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.87 and a current ratio of 0.88. The company has a market capitalization of $232.74 million, a P/E ratio of -7.41 and a beta of 0.87. The company has a fifty day moving average of $27.25 and a 200-day moving average of $24.66.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Thursday, July 30th. The bank reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.12. First Internet Bancorp had a negative net margin of 9.01% and a negative return on equity of 0.55%. The company had revenue of $41.12 million during the quarter, compared to analyst estimates of $43.83 million. As a group, equities research analysts predict that First Internet Bancorp will post 2.36 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st were paid a $0.06 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.24 annualized dividend and a yield of 0.9%. First Internet Bancorp’s payout ratio is currently -6.67%.

Institutional Trading of First Internet Bancorp

Several institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc boosted its stake in shares of First Internet Bancorp by 7.3% during the second quarter. Versant Capital Management Inc now owns 5,533 shares of the bank’s stock valued at $154,000 after purchasing an additional 376 shares during the period. Public Employees Retirement System of Ohio grew its holdings in shares of First Internet Bancorp by 35.9% in the first quarter. Public Employees Retirement System of Ohio now owns 8,184 shares of the bank’s stock worth $167,000 after purchasing an additional 2,160 shares during the last quarter. Strs Ohio grew its holdings in shares of First Internet Bancorp by 13.0% in the first quarter. Strs Ohio now owns 27,900 shares of the bank’s stock worth $569,000 after purchasing an additional 3,200 shares during the last quarter. Odyssean LLC increased its stake in shares of First Internet Bancorp by 32.7% in the second quarter. Odyssean LLC now owns 15,407 shares of the bank’s stock worth $428,000 after buying an additional 3,800 shares during the period. Finally, Deutsche Bank AG purchased a new position in shares of First Internet Bancorp in the second quarter worth $223,000. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

About First Internet Bancorp

First Internet Bancorp is a bank holding company headquartered in Fishers, Indiana. Its principal subsidiary, First Internet Bank, provides a range of banking products and financial services to businesses, organizations and individual consumers.

First Internet Bank’s offerings include commercial and industrial lending, commercial real estate financing, small business and SBA loans, public finance, residential mortgage lending, consumer loans, deposit accounts and treasury management services.