First Internet Bancorp (NASDAQ:INBK) Upgraded at Zacks Research

Zacks Research upgraded shares of First Internet Bancorp (NASDAQ:INBK) from a strong sell rating to a hold rating in a report issued on Thursday morning,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Piper Sandler lowered their target price on First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a research note on Monday, October 27th. Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday, December 22nd. Keefe, Bruyette & Woods dropped 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 report on Friday, October 24th. Finally, Hovde Group cut their price target on shares of First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating on the stock in a report on Friday, October 24th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $24.33.

First Internet Bancorp Stock Down 0.6%

First Internet Bancorp stock opened at $20.47 on Thursday. The firm has a market capitalization of $178.29 million, a PE ratio of -5.39 and a beta of 0.85. The company’s 50-day moving average is $19.62 and its 200-day moving average is $22.68. First Internet Bancorp has a fifty-two week low of $17.05 and a fifty-two week high of $37.19. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.88.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Wednesday, October 22nd. The bank reported ($1.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($2.09). The firm had revenue of $43.53 million for the quarter, compared to analyst estimates of $33.48 million. First Internet Bancorp had a negative return on equity of 2.05% and a negative net margin of 9.35%. Sell-side analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be given a dividend of $0.06 per share. The ex-dividend date is Wednesday, December 31st. This represents a $0.24 annualized dividend and a dividend yield of 1.2%. First Internet Bancorp’s dividend payout ratio is presently -6.32%.

Insiders Place Their Bets

In other First Internet Bancorp news, Director John K. Keach, Jr. purchased 2,000 shares of the company’s stock in a transaction on Tuesday, October 28th. The shares were purchased at an average cost of $19.34 per share, with a total value of $38,680.00. Following the completion of the purchase, the director owned 37,046 shares in the company, valued at $716,469.64. This represents a 5.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David B. Becker acquired 5,000 shares of the stock in a transaction dated Wednesday, October 29th. The stock was bought at an average price of $18.67 per share, with a total value of $93,350.00. Following the purchase, the chief executive officer directly owned 419,194 shares in the company, valued at $7,826,351.98. This represents a 1.21% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders acquired 10,110 shares of company stock worth $187,863. 8.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. AlphaQuest LLC lifted its position in First Internet Bancorp by 239.4% in the 1st quarter. AlphaQuest LLC now owns 1,361 shares of the bank’s stock valued at $36,000 after acquiring an additional 960 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings 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 worth $48,000 after acquiring an additional 1,198 shares during the last quarter. Jump Financial LLC bought a new stake in shares of First Internet Bancorp in the 2nd quarter worth $236,000. BNP Paribas Financial Markets lifted its position in shares of First Internet Bancorp by 92.1% during the third quarter. BNP Paribas Financial Markets now owns 9,261 shares of the bank’s stock valued at $208,000 after purchasing an additional 4,439 shares in the last quarter. Finally, Teton Advisors LLC bought a new stake in First Internet Bancorp in the 3rd quarter worth about $224,000. 65.46% of the stock is owned by institutional investors.

About First Internet Bancorp

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).