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

Key Points

• Analysts give First Internet Bancorp a consensus “Hold” rating: Of six analysts, three recommend holding, two recommend buying and one recommends selling. The average 12-month price target is $29.38.
• Quarterly earnings beat expectations: The bank reported adjusted earnings of $0.27 per share versus the $0.15 consensus estimate, although revenue of $41.12 million fell short of forecasts.
• Shares trade near their annual high: INBK opened at $29.20, compared with a 12-month range of $17.05 to $31.09. The company also pays a quarterly dividend of $0.06, representing an annualized yield of approximately 0.8%.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) has been given an average recommendation of "Hold" by the six ratings firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $29.3750.

INBK has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods upped their price objective 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 boosted their target price on shares of First Internet Bancorp from $33.00 to $35.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Piper Sandler upped their price target 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. Wall Street Zen upgraded First Internet Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday, June 6th. Finally, Weiss Ratings raised First Internet Bancorp from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, July 8th.

First Internet Bancorp Price Performance

Shares of INBK stock opened at $29.20 on Monday. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.95. First Internet Bancorp has a twelve month low of $17.05 and a twelve month high of $31.09. The company has a market cap of $254.92 million, a P/E ratio of -8.11 and a beta of 0.83. The business has a fifty day simple moving average of $27.50 and a 200 day simple moving average of $24.10.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The bank reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.12. The business had revenue of $41.12 million for the quarter, compared to analyst estimates of $43.83 million. First Internet Bancorp had a negative return on equity of 0.55% and a negative net margin of 9.01%.First Internet Bancorp has set its FY 2026 guidance at 2.350-2.450 EPS. On average, sell-side analysts forecast that First Internet Bancorp will post 2.36 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently announced 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 annualized dividend and a yield of 0.8%. First Internet Bancorp's dividend payout ratio (DPR) is currently -6.67%.

Institutional Trading of First Internet Bancorp

A number of hedge funds have recently made changes to their positions in INBK. Tower Research Capital LLC TRC increased its position in First Internet Bancorp by 202.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank's stock valued at $48,000 after acquiring an additional 1,198 shares during the period. California State Teachers Retirement System lifted its holdings in shares of First Internet Bancorp by 601.7% during the second quarter. California State Teachers Retirement System now owns 2,947 shares of the bank's stock worth $82,000 after purchasing an additional 2,527 shares during the period. Deutsche Bank AG lifted its holdings in shares of First Internet Bancorp by 4,390.4% during the fourth quarter. Deutsche Bank AG now owns 5,164 shares of the bank's stock worth $108,000 after purchasing an additional 5,049 shares during the period. Versant Capital Management Inc grew 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 worth $154,000 after purchasing an additional 376 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of First Internet Bancorp by 19.9% in the fourth quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank's stock worth $126,000 after purchasing an additional 1,000 shares during the last quarter. 65.46% of the stock is owned by institutional investors and hedge funds.

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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