First Internet Bancorp (NASDAQ:INBK) Given Consensus Recommendation of “Reduce” by Analysts

Shares of First Internet Bancorp (NASDAQ:INBK) have earned a consensus rating of “Reduce” from the five analysts that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $25.1667.

INBK has been the topic of several analyst reports. Keefe, Bruyette & Woods lowered their target price on shares of 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. Wall Street Zen lowered First Internet Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, January 31st. Hovde Group increased their target price on First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Piper Sandler cut their price objective on First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a research report on Friday, January 30th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th.

First Internet Bancorp Trading Down 2.0%

Shares of INBK stock opened at $21.77 on Thursday. The company has a market capitalization of $189.62 million, a P/E ratio of -5.40 and a beta of 0.83. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 1.01. The business’s 50 day moving average is $21.26 and its two-hundred day moving average is $21.78. First Internet Bancorp has a twelve month low of $17.05 and a twelve month high of $34.21.

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

First Internet Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.1%. The ex-dividend date was Wednesday, December 31st. First Internet Bancorp’s dividend payout ratio is presently -5.96%.

Insider Transactions at First Internet Bancorp

In related news, COO Nicole S. Lorch bought 2,000 shares of the company’s stock in a transaction on Monday, November 17th. The stock was bought at an average cost 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 in the company, valued at approximately $1,260,899.76. This represents a 2.93% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 8.00% of the company’s stock.

Hedge Funds Weigh In On First Internet Bancorp

Several hedge funds have recently bought and sold shares of INBK. Patriot Financial Partners GP II L.P. acquired a new position in First Internet Bancorp during the third quarter worth $4,696,000. CSM Advisors LLC acquired a new stake in First Internet Bancorp in the second quarter valued at $3,923,000. Fourthstone LLC increased its position in shares of 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 buying an additional 104,241 shares in the last quarter. Simcoe Capital LLC acquired a new position in shares of First Internet Bancorp during the 4th quarter worth $1,935,000. Finally, Creative Planning acquired a new position in shares of First Internet Bancorp during the 2nd quarter worth $1,691,000. 65.46% of the stock is owned by hedge funds and other institutional investors.

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).