Brokerages Set First Internet Bancorp (NASDAQ:INBK) Target Price at $24.33

Shares of First Internet Bancorp (NASDAQ:INBK) have been given a consensus recommendation of “Reduce” by the five ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $24.3333.

A number of research analysts have recently issued reports on the company. Piper Sandler dropped their target price on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating on the stock in a report on Monday. Hovde Group dropped their price objective on shares of First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating on the stock in a research note on Friday, October 24th. Keefe, Bruyette & Woods cut their price objective on shares of First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating for the company in a research report on Friday, October 24th. Zacks Research downgraded shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a report on Tuesday. Finally, Wall Street Zen cut shares of First Internet Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd.

First Internet Bancorp Price Performance

Shares of INBK opened at $17.68 on Tuesday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.90 and a current ratio of 0.93. First Internet Bancorp has a fifty-two week low of $17.34 and a fifty-two week high of $43.26. The firm has a 50-day simple moving average of $22.89 and a 200-day simple moving average of $23.75. The company has a market capitalization of $153.99 million, a price-to-earnings ratio of -4.65 and a beta of 0.79.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Wednesday, October 22nd. The bank reported ($1.43) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($2.09). First Internet Bancorp had a negative net margin of 9.35% and a negative return on equity of 2.00%. The company had revenue of $43.53 million during the quarter, compared to analyst estimates of $33.48 million. On average, equities research analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Tuesday, September 30th. First Internet Bancorp’s dividend payout ratio is -6.32%.

Insider Buying and Selling

In other First Internet Bancorp news, Director John K. Keach, Jr. acquired 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The shares were purchased at an average price of $19.34 per share, with a total value of $38,680.00. Following the completion of the acquisition, the director directly owned 37,046 shares of the company’s stock, valued at approximately $716,469.64. The trade was a 5.71% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO David B. Becker acquired 5,000 shares of the business’s stock in a transaction on Wednesday, October 29th. The stock was acquired at an average price of $18.67 per share, with a total value of $93,350.00. Following the transaction, the chief executive officer directly owned 419,194 shares of the company’s stock, valued at $7,826,351.98. This represents a 1.21% increase in their position. The disclosure for this purchase is available in the SEC filing. 8.00% of the stock is owned by insiders.

Institutional Trading of First Internet Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in INBK. Strs Ohio grew its position in First Internet Bancorp by 20.5% during the third quarter. Strs Ohio now owns 22,900 shares of the bank’s stock worth $514,000 after buying an additional 3,900 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of First Internet Bancorp by 18.8% during the 2nd quarter. Thrivent Financial for Lutherans now owns 30,298 shares of the bank’s stock worth $815,000 after acquiring an additional 4,800 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of 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 worth $48,000 after acquiring an additional 1,198 shares during the period. Man Group plc increased its stake in First Internet Bancorp by 12.3% in the 2nd quarter. Man Group plc now owns 20,765 shares of the bank’s stock valued at $559,000 after purchasing an additional 2,275 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in First Internet Bancorp by 27.9% during the second quarter. Bank of America Corp DE now owns 21,905 shares of the bank’s stock worth $589,000 after purchasing an additional 4,773 shares during the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

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.