First Internet Bancorp (NASDAQ:INBK) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of First Internet Bancorp (NASDAQ:INBK) from a hold rating to a sell rating in a report published on Monday morning.

Several other brokerages have also recently commented on INBK. Keefe, Bruyette & Woods reduced 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. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. Hovde Group lifted their price objective on First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Piper Sandler dropped their price objective on First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating on the stock in a research note on Friday, January 30th. Finally, Zacks Research cut First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, First Internet Bancorp has a consensus rating of “Reduce” and an average price target of $25.17.

First Internet Bancorp Stock Down 0.4%

NASDAQ:INBK opened at $20.78 on Monday. First Internet Bancorp has a one year low of $17.05 and a one year high of $32.56. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.88. The company has a market cap of $180.99 million, a PE ratio of -5.16 and a beta of 0.83. The firm’s 50 day simple moving average is $21.52 and its 200 day simple moving average is $21.57.

First Internet Bancorp (NASDAQ:INBK) last announced 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. The business had revenue of $42.11 million during the quarter, compared to analyst estimates of $32.80 million. First Internet Bancorp had a negative return on equity of 1.52% and a negative net margin of 10.05%. On average, research analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Wednesday, December 31st. First Internet Bancorp’s dividend payout ratio (DPR) is currently -5.96%.

Hedge Funds Weigh In On First Internet Bancorp

Large investors have recently bought and sold shares of the stock. Creative Planning purchased a new stake in shares of First Internet Bancorp during the 2nd quarter worth approximately $1,691,000. CSM Advisors LLC bought a new position in First Internet Bancorp during the second quarter valued at $3,923,000. Fourthstone LLC increased its position in First Internet Bancorp by 254.9% in the second quarter. Fourthstone LLC now owns 145,141 shares of the bank’s stock worth $3,904,000 after buying an additional 104,241 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of First Internet Bancorp by 127.4% in the second quarter. Hsbc Holdings PLC now owns 26,330 shares of the bank’s stock valued at $716,000 after buying an additional 14,751 shares during the period. Finally, American Century Companies Inc. lifted its position in shares of First Internet Bancorp by 7.8% during the 2nd quarter. American Century Companies Inc. now owns 144,829 shares of the bank’s stock valued at $3,896,000 after buying an additional 10,494 shares during the last quarter. 65.46% of the stock is currently owned by institutional investors.

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).