First Internet Bancorp (NASDAQ:INBK) Receives Average Rating of "Hold" from Analysts

Key Points

• Consensus "Hold" rating from five analysts (1 sell, 3 hold, 1 buy) with an average 12‑month target of $25.17, indicating mixed broker sentiment.
• The company beat the latest quarter with $0.64 EPS (vs. $0.59 est.) and $42.11M revenue (vs. $32.8M est.), but still reports negative profitability metrics including a negative ROE, a -10.05% net margin and a negative P/E of -6.04.
• Shares opened at $24.33 (52‑week range $17.05–$28.51), carry a $0.24 annualized dividend (1.0% yield), a market cap of $212M, and roughly 65.5% institutional ownership.

Shares of First Internet Bancorp (NASDAQ:INBK - Get Free Report) have earned a consensus rating of "Hold" from the five brokerages that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $25.1667.

Several research analysts recently weighed in on INBK shares. Weiss Ratings restated a "sell (d)" rating on shares of First Internet Bancorp in a research note on Friday, March 27th. Wall Street Zen upgraded First Internet Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, March 14th. Hovde Group boosted their target price on First Internet Bancorp from $26.00 to $29.00 and gave the stock an "outperform" rating in a research note on Friday, January 30th. Piper Sandler dropped their target price 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 upgraded First Internet Bancorp from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th.

First Internet Bancorp Stock Up 0.5%

Shares of INBK stock opened at $24.33 on Tuesday. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $28.51. The stock's fifty day moving average price is $20.93 and its 200 day moving average price is $20.70. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.88 and a quick ratio of 0.86. The company has a market cap of $212.16 million, a price-to-earnings ratio of -6.04 and a beta of 0.79.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last announced its earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. First Internet Bancorp had a negative return on equity of 1.54% and a negative net margin of 10.05%.The firm had revenue of $42.11 million for the quarter, compared to the consensus estimate of $32.80 million. On average, research analysts expect that First Internet Bancorp will post 2.22 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.0%. The ex-dividend date was Tuesday, March 31st. First Internet Bancorp's payout ratio is presently -5.96%.

Institutional Trading of First Internet Bancorp

Several large investors have recently added to or reduced their stakes in INBK. Tower Research Capital LLC TRC grew its stake in First Internet Bancorp by 202.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank's stock valued at $48,000 after purchasing an additional 1,198 shares during the last quarter. GAMMA Investing LLC grew its stake in First Internet Bancorp by 1,123.5% during the 4th quarter. GAMMA Investing LLC now owns 3,181 shares of the bank's stock valued at $66,000 after purchasing an additional 2,921 shares during the last quarter. Deutsche Bank AG grew its stake in First Internet Bancorp by 4,390.4% during the 4th quarter. Deutsche Bank AG now owns 5,164 shares of the bank's stock valued at $108,000 after purchasing an additional 5,049 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in First Internet Bancorp by 19.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank's stock valued at $126,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of First Internet Bancorp by 62.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank's stock valued at $183,000 after buying an additional 3,379 shares during the period. Hedge funds and other institutional investors own 65.46% of the company's stock.

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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