First Internet Bancorp (NASDAQ:INBK) Given Consensus Rating of "Hold" by Brokerages

Key Points

• First Internet Bancorp has a consensus “Hold” rating from six analysts, with one sell, three hold, one buy and one strong-buy recommendation. The average 12-month price target is $28.00, while Benchmark recently initiated coverage with a $33 target and buy rating.
• The bank reported quarterly EPS of $0.29, exceeding the $0.08 analyst consensus, though revenue of $43.12 million fell short of the $45.67 million estimate. Analysts expect full-year EPS of approximately $1.98.
• INBK shares opened at $26.72, within a 12-month range of $17.05 to $28.88. The company maintains a quarterly dividend of $0.06, equivalent to a 0.9% annualized yield, and institutional investors own 65.46% of outstanding shares.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) has earned an average rating of "Hold" from the six research firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, one has given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $28.00.

Several research firms recently commented on INBK. Wall Street Zen upgraded shares of First Internet Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday, June 6th. Keefe, Bruyette & Woods raised their price target on shares of First Internet Bancorp from $23.00 to $24.00 and gave the stock a "market perform" rating in a research report on Friday, May 1st. Benchmark began coverage on shares of First Internet Bancorp in a report on Wednesday, June 24th. They set a "buy" rating and a $33.00 price objective on the stock. Piper Sandler upped their price objective on shares of First Internet Bancorp from $24.00 to $26.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. Finally, Weiss Ratings upgraded shares of First Internet Bancorp from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, July 8th.

First Internet Bancorp Stock Performance

INBK opened at $26.72 on Thursday. The firm has a market capitalization of $233.00 million, a P/E ratio of -6.94 and a beta of 0.83. The stock's 50 day moving average price is $25.94 and its two-hundred day moving average price is $23.27. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.96. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $28.88.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The bank reported $0.29 EPS for the quarter, topping analysts' consensus estimates 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 return on equity of 1.14% and a negative net margin of 9.60%. On average, equities analysts forecast that First Internet Bancorp will post 1.98 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a $0.06 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.9%. First Internet Bancorp's dividend payout ratio (DPR) is currently -6.23%.

Institutional Trading of First Internet Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of INBK. Versant Capital Management Inc raised its stake in shares of First Internet Bancorp by 7.3% in 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 in the last quarter. Bridgeway Capital Management LLC boosted its stake in First Internet Bancorp by 1.3% during the third quarter. Bridgeway Capital Management LLC now owns 44,217 shares of the bank's stock worth $992,000 after buying an additional 584 shares in the last quarter. GSA Capital Partners LLP increased its holdings in First Internet Bancorp by 1.5% in the 4th quarter. GSA Capital Partners LLP now owns 48,200 shares of the bank's stock valued at $1,006,000 after buying an additional 691 shares during the period. Public Employees Retirement System of Ohio increased its holdings in First Internet Bancorp by 19.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank's stock valued at $126,000 after buying an additional 1,000 shares during the period. Finally, Empowered Funds LLC raised its stake in shares of First Internet Bancorp by 7.1% in the 4th quarter. Empowered Funds LLC now owns 15,329 shares of the bank's stock valued at $320,000 after buying an additional 1,012 shares in 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).

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