First Internet Bancorp (NASDAQ:INBK) Given Consensus Recommendation of “Hold” by Brokerages

Shares of First Internet Bancorp (NASDAQ:INBK) have been assigned a consensus rating of “Hold” from the six research firms that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $28.00.

Several brokerages have recently issued reports on INBK. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a research report on Wednesday, June 24th. Zacks Research upgraded shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Keefe, Bruyette & Woods raised their price target on shares of First Internet Bancorp from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Friday, May 1st. Benchmark started coverage on First Internet Bancorp in a report on Wednesday, June 24th. They issued a “buy” rating and a $33.00 price objective on the stock. Finally, Piper Sandler boosted their price objective on First Internet Bancorp from $24.00 to $26.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th.

First Internet Bancorp Stock Performance

Shares of NASDAQ:INBK opened at $28.10 on Friday. First Internet Bancorp has a 1 year low of $17.05 and a 1 year high of $28.88. The firm has a market capitalization of $245.03 million, a price-to-earnings ratio of -7.30 and a beta of 0.83. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.88 and a quick ratio of 0.87. The business’s 50 day moving average price is $24.92 and its 200-day moving average price is $22.55.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Thursday, April 30th. The bank reported $0.29 EPS for the quarter, topping the consensus estimate of $0.08 by $0.21. The company had revenue of $43.12 million during the quarter, compared to analyst estimates of $45.67 million. First Internet Bancorp had a negative net margin of 9.60% and a negative return on equity of 1.14%. On average, equities research analysts forecast that First Internet Bancorp will post 1.98 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Tuesday, June 30th. First Internet Bancorp’s dividend payout ratio (DPR) is -6.23%.

Hedge Funds Weigh In On First Internet Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of INBK. Aegis Financial Corp acquired a new stake in First Internet Bancorp in the fourth quarter valued at $5,224,000. Patriot Financial Partners GP II L.P. purchased a new position in shares of First Internet Bancorp in the 3rd quarter valued at about $4,696,000. Heartland Advisors Inc. raised its position in shares of First Internet Bancorp by 33.4% during the 1st quarter. Heartland Advisors Inc. now owns 384,900 shares of the bank’s stock worth $7,844,000 after acquiring an additional 96,305 shares in the last quarter. Simcoe Capital LLC acquired a new stake in shares of First Internet Bancorp during the 4th quarter worth about $1,935,000. Finally, CSM Advisors LLC lifted its stake in First Internet Bancorp by 35.9% during the fourth quarter. CSM Advisors LLC now owns 191,854 shares of the bank’s stock worth $4,005,000 after purchasing an additional 50,695 shares during the last quarter. 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).