First Internet Bancorp (NASDAQ:INBK) Cut to “Strong Sell” at Zacks Research

Zacks Research downgraded shares of First Internet Bancorp (NASDAQ:INBK) from a hold rating to a strong sell rating in a research report report published on Tuesday,Zacks.com reports.

INBK has been the subject of several other reports. Keefe, Bruyette & Woods reduced their price target on 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. Weiss Ratings reissued a “sell (d+)” rating on shares of First Internet Bancorp in a report on Wednesday, October 8th. Wall Street Zen cut shares of First Internet Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Piper Sandler cut their price target on shares of First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a research note on Monday. Finally, Hovde Group cut their price target on shares of First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating for the company in a research note on Friday, October 24th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $24.33.

First Internet Bancorp Stock Performance

Shares of INBK opened at $17.68 on Tuesday. The firm has a fifty day simple moving average of $22.89 and a 200 day simple moving average of $23.75. First Internet Bancorp has a 12 month low of $17.34 and a 12 month high of $43.26. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.95. The stock 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 posted its quarterly earnings data on Wednesday, October 22nd. The bank reported ($1.43) EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($2.09). First Internet Bancorp had a negative return on equity of 2.00% and a negative net margin of 9.35%.The business had revenue of $43.53 million for the quarter, compared to analyst estimates of $33.48 million. Research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

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

Insider Buying and Selling at First Internet Bancorp

In related news, CEO David B. Becker bought 5,000 shares of the business’s stock in a transaction dated Wednesday, October 29th. The stock was bought at an average price of $18.67 per share, for a total transaction of $93,350.00. Following the purchase, the chief executive officer owned 419,194 shares in the company, valued at $7,826,351.98. This represents a 1.21% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John K. Keach, Jr. bought 2,000 shares of the business’s stock in a transaction dated Tuesday, October 28th. The shares were bought at an average price of $19.34 per share, with a total value of $38,680.00. Following the purchase, the director owned 37,046 shares in the company, valued at $716,469.64. The trade was a 5.71% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On First Internet Bancorp

Hedge funds have recently bought and sold shares of the stock. AlphaQuest LLC lifted its holdings in First Internet Bancorp by 239.4% during the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank’s stock worth $36,000 after purchasing an additional 960 shares during the last quarter. US Bancorp DE acquired a new stake in First Internet Bancorp during the 1st quarter worth approximately $38,000. Tower Research Capital LLC TRC lifted its holdings in shares of First Internet Bancorp by 202.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock worth $48,000 after buying an additional 1,198 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of First Internet Bancorp during the second quarter worth $236,000. Finally, Jane Street Group LLC acquired a new stake in shares of First Internet Bancorp during the first quarter worth $297,000. 65.46% of the stock is currently owned by institutional investors and hedge funds.

About First Internet Bancorp

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.