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

Key Points

• First Internet Bancorp (NASDAQ: INBK) has received an average analyst recommendation of "Hold", with one sell rating, three hold ratings, and one buy rating from five research firms.
• The stock's average twelve-month price target among analysts is $27.33, with recent price targets adjusted down by various firms.
• The company announced a quarterly dividend of $0.06 per share, representing an annual yield of 1.1%, to be paid on October 15th to shareholders of record as of September 30th.

Shares of First Internet Bancorp (NASDAQ:INBK - Get Free Report) have earned an average recommendation of "Hold" from the five research firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $27.3333.

Several research firms have recently commented on INBK. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $27.00 target price (down from $30.00) on shares of First Internet Bancorp in a research note on Monday, July 28th. Hovde Group decreased their price objective on First Internet Bancorp from $32.00 to $29.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Wall Street Zen cut First Internet Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Piper Sandler decreased their price objective on First Internet Bancorp from $27.00 to $26.00 and set a "neutral" rating for the company in a research note on Monday, July 28th. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of First Internet Bancorp in a research note on Saturday, September 27th.

First Internet Bancorp Price Performance

INBK traded up $0.59 during trading on Friday, hitting $22.40. The company's stock had a trading volume of 28,957 shares, compared to its average volume of 36,582. The firm's 50 day moving average price is $23.60 and its two-hundred day moving average price is $24.41. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.95. First Internet Bancorp has a 12 month low of $19.54 and a 12 month high of $43.26. The stock has a market capitalization of $195.10 million, a price-to-earnings ratio of 16.28 and a beta of 0.79.

First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.31). First Internet Bancorp had a net margin of 4.36% and a return on equity of 3.03%. The business had revenue of $33.55 million during the quarter, compared to the consensus estimate of $30.08 million. Sell-side analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Tuesday, September 30th. First Internet Bancorp's payout ratio is presently 13.64%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INBK. CSM Advisors LLC acquired a new position in First Internet Bancorp in the second quarter valued at about $3,923,000. Fourthstone LLC lifted its holdings in shares of First Internet Bancorp by 254.9% in the second quarter. Fourthstone LLC now owns 145,141 shares of the bank's stock valued at $3,904,000 after purchasing an additional 104,241 shares in the last quarter. Creative Planning bought a new stake in shares of First Internet Bancorp in the second quarter valued at about $1,691,000. Heartland Advisors Inc. lifted its holdings in shares of First Internet Bancorp by 20.2% in the first quarter. Heartland Advisors Inc. now owns 240,400 shares of the bank's stock valued at $6,438,000 after purchasing an additional 40,400 shares in the last quarter. Finally, Patriot Financial Partners GP LP lifted its holdings in shares of First Internet Bancorp by 8.0% in the first quarter. Patriot Financial Partners GP LP now owns 403,482 shares of the bank's stock valued at $10,805,000 after purchasing an additional 30,000 shares in the last quarter. 65.46% of the stock is owned by institutional investors and hedge funds.

First Internet Bancorp Company Profile

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.

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