First Internet Bancorp (INBK) - What Are Brokerages Thinking About This Stock?

Key Points

• Analyst sentiment is neutral: Six brokerages give First Internet Bancorp a consensus “Hold” rating, with one sell, three holds and two buys. Their average 12-month price target is $30.62.
• Quarterly results missed expectations: The bank reported earnings of $0.57 per share versus the $0.78 consensus estimate, while revenue of $43.94 million also fell short of forecasts.
• Shares opened at $25.37 and were reported down 1.6%; the company’s quarterly dividend is $0.06 per share, equivalent to a 0.9% annualized yield.

Shares of First Internet Bancorp (NASDAQ:INBK - Get Free Report) have earned a consensus recommendation of "Hold" from the six brokerages that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $30.62.

INBK has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their target price on First Internet Bancorp from $27.00 to $29.00 and gave the company a "market perform" rating in a research note on Friday, October 30th. Weiss Ratings reiterated a "sell (d+)" rating on shares of First Internet Bancorp in a report on Friday, October 2nd. Piper Sandler lifted their target price on shares of First Internet Bancorp from $26.00 to $29.50 and gave the stock a "neutral" rating in a report on Friday, July 31st. Zacks Research lowered First Internet Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 27th. Finally, Wall Street Zen cut First Internet Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, October 31st.

First Internet Bancorp Trading Down 1.6%

Shares of NASDAQ:INBK opened at $25.37 on Friday. The business's 50-day moving average is $26.98 and its 200 day moving average is $24.84. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.87. The firm has a market capitalization of $221.48 million, a P/E ratio of 14.92 and a beta of 0.86. First Internet Bancorp has a 1 year low of $17.05 and a 1 year high of $31.09.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The bank reported $0.57 earnings per share for the quarter, missing analysts' consensus estimates of $0.78 by ($0.21). The firm had revenue of $43.94 million for the quarter, compared to analyst estimates of $46.17 million. First Internet Bancorp had a net margin of 4.27% and a return on equity of 4.32%. On average, research analysts predict that First Internet Bancorp will post 2.18 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, October 15th. Stockholders of record on Thursday, October 1st were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Thursday, October 1st. First Internet Bancorp's dividend payout ratio (DPR) is 14.12%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of INBK. BlackRock Inc. acquired a new stake in First Internet Bancorp during the 2nd quarter worth $20,209,000. Heartland Advisors Inc. boosted its holdings in First Internet Bancorp by 33.4% in the first quarter. Heartland Advisors Inc. now owns 384,900 shares of the bank's stock valued at $7,844,000 after acquiring an additional 96,305 shares during the last quarter. Aegis Financial Corp lifted its stake in shares of First Internet Bancorp by 41.5% during the 1st quarter. Aegis Financial Corp now owns 354,261 shares of the bank's stock worth $7,220,000 after buying an additional 103,941 shares during the last quarter. Quantinno Capital Management LP lifted its position in shares of First Internet Bancorp by 14.5% in the 1st quarter. Quantinno Capital Management LP now owns 162,421 shares of the bank's stock worth $3,310,000 after purchasing an additional 20,582 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of First Internet Bancorp by 18.6% during the 1st quarter. Bank of America Corp DE now owns 61,022 shares of the bank's stock worth $1,244,000 after acquiring an additional 9,563 shares during the period. Hedge funds and other institutional investors own 65.46% of the company's stock.

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.

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