First Internet Bancorp (NASDAQ:INBK) Given Consensus Recommendation of "Reduce" by Brokerages

Key Points

• Analysts' consensus: Five brokerages give First Internet Bancorp an average recommendation of "Reduce" (2 sell, 2 hold, 1 buy) with an average 1-year price target of about $25.17.
• Mixed fundamentals: Shares opened at $20.02, market cap ~$174.5M; the company beat quarterly EPS ($0.64 vs. $0.59) and revenue estimates but still reported a negative net margin (−10.05%) and negative ROE (−1.54%).
• Ownership and dividend: Institutional investors hold about 65.46% of the stock, and the company declared a quarterly dividend of $0.06 ($0.24 annual, ~1.2% yield) with an ex-dividend date of March 31.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) has been given an average recommendation of "Reduce" by the five research firms that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $25.1667.

A number of equities analysts have recently commented on INBK shares. Wall Street Zen raised shares of First Internet Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, March 14th. Weiss Ratings reiterated a "sell (d)" rating on shares of First Internet Bancorp in a report on Monday, December 29th. Zacks Research lowered First Internet Bancorp from a "hold" rating to a "strong sell" rating in a research report on Friday, January 30th. Piper Sandler decreased their price target on First Internet Bancorp from $24.00 to $23.50 and set a "neutral" rating for the company in a report on Friday, January 30th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of First Internet Bancorp from $25.00 to $23.00 and set a "market perform" rating on the stock in a research note on Friday, January 30th.

Institutional Investors Weigh In On First Internet Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INBK. Empowered Funds LLC boosted its position in 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 during the last quarter. XTX Topco Ltd purchased a new stake in shares of First Internet Bancorp during the fourth quarter worth about $206,000. Quadrature Capital Ltd acquired a new position in shares of First Internet Bancorp in the fourth quarter worth about $473,000. Millennium Management LLC boosted its holdings in First Internet Bancorp by 48.8% in the fourth quarter. Millennium Management LLC now owns 145,554 shares of the bank's stock valued at $3,038,000 after purchasing an additional 47,715 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its holdings in First Internet Bancorp by 2.3% in the fourth quarter. Bridgeway Capital Management LLC now owns 45,229 shares of the bank's stock valued at $944,000 after purchasing an additional 1,012 shares during the last quarter. Hedge funds and other institutional investors own 65.46% of the company's stock.

First Internet Bancorp Stock Down 0.9%

Shares of NASDAQ:INBK opened at $20.02 on Friday. The stock has a 50-day simple moving average of $20.92 and a 200-day simple moving average of $20.93. The stock has a market capitalization of $174.51 million, a P/E ratio of -4.97 and a beta of 0.83. First Internet Bancorp has a 1 year low of $17.05 and a 1 year high of $28.51. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.86 and a current ratio of 0.88.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted its quarterly earnings results on Thursday, January 29th. The bank reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. The firm had revenue of $42.11 million for the quarter, compared to analyst estimates of $32.80 million. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.54%. Equities analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Tuesday, March 31st. First Internet Bancorp's dividend payout ratio (DPR) is presently -5.96%.

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).

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