Analysts Set First Internet Bancorp (NASDAQ:INBK) Target Price at $25.17

Shares of First Internet Bancorp (NASDAQ:INBK) have been given a consensus recommendation of “Reduce” by the five analysts that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $25.1667.

INBK has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday, December 29th. Zacks Research cut shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Wall Street Zen lowered shares of First Internet Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday. Keefe, Bruyette & Woods lowered their price target on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating for the company in a report on Friday, January 30th. Finally, Hovde Group increased their price target on First Internet Bancorp from $26.00 to $29.00 and gave the company an “outperform” rating in a research note on Friday, January 30th.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Bridgeway Capital Management LLC increased its position in First Internet Bancorp by 1.3% in the 3rd quarter. Bridgeway Capital Management LLC now owns 44,217 shares of the bank’s stock valued at $992,000 after acquiring an additional 584 shares during the period. GSA Capital Partners LLP grew its stake in shares of First Internet Bancorp by 1.5% in the fourth quarter. GSA Capital Partners LLP now owns 48,200 shares of the bank’s stock worth $1,006,000 after purchasing an additional 691 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in 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 valued at $126,000 after purchasing an additional 1,000 shares during the period. Empowered Funds LLC increased its holdings in First Internet Bancorp by 7.1% in the fourth quarter. Empowered Funds LLC now owns 15,329 shares of the bank’s stock valued at $320,000 after purchasing an additional 1,012 shares during the period. Finally, Man Group plc raised its position in First Internet Bancorp by 5.1% during the 3rd quarter. Man Group plc now owns 21,818 shares of the bank’s stock worth $489,000 after purchasing an additional 1,053 shares during the last quarter. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Stock Performance

NASDAQ INBK opened at $20.39 on Monday. The firm’s 50 day simple moving average is $21.25 and its 200 day simple moving average is $21.42. The firm has a market capitalization of $177.60 million, a price-to-earnings ratio of -5.06 and a beta of 0.83. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 1.01. First Internet Bancorp has a 1 year low of $17.05 and a 1 year high of $30.00.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $42.11 million during the quarter, compared to analysts’ expectations of $32.80 million. First Internet Bancorp had a negative return on equity of 1.52% and a negative net margin of 10.05%. As a group, research analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Wednesday, December 31st. First Internet Bancorp’s dividend payout ratio (DPR) is presently -5.96%.

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).