First Internet Bancorp (NASDAQ:INBK) Receives $25.17 Average Price Target from Brokerages

First Internet Bancorp (NASDAQ:INBK) has received a consensus recommendation of “Hold” from the five brokerages that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $25.1667.

Several equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods dropped 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 research report on Friday, January 30th. Hovde Group increased their price target on shares of First Internet Bancorp from $26.00 to $29.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. Zacks Research raised shares of First Internet Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Weiss Ratings reissued a “sell (d)” rating on shares of First Internet Bancorp in a research report on Friday, March 27th. Finally, Piper Sandler dropped their price target on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a research report on Friday, January 30th.

Institutional Investors Weigh In On First Internet Bancorp

Institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its holdings in 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 purchasing an additional 1,198 shares in the last quarter. GAMMA Investing LLC raised its holdings in First Internet Bancorp by 1,123.5% in the 4th quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock worth $66,000 after purchasing an additional 2,921 shares in the last quarter. Deutsche Bank AG raised its holdings in First Internet Bancorp by 4,390.4% in the 4th quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock worth $108,000 after purchasing an additional 5,049 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in First Internet Bancorp by 19.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock worth $126,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in First Internet Bancorp by 62.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock worth $183,000 after purchasing an additional 3,379 shares in the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Price Performance

Shares of First Internet Bancorp stock opened at $22.62 on Tuesday. The stock has a market capitalization of $197.25 million, a price-to-earnings ratio of -5.61 and a beta of 0.79. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.86 and a current ratio of 0.88. The company has a fifty day moving average of $21.06 and a 200-day moving average of $20.74. First Internet Bancorp has a 52-week low of $17.05 and a 52-week high of $28.51.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. The business had revenue of $42.11 million during the quarter, compared to analysts’ expectations of $32.80 million. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.54%. Equities research analysts expect that First Internet Bancorp will post 2.22 EPS for the current year.

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $0.24 annualized dividend and a yield of 1.1%. First Internet Bancorp’s dividend payout ratio is presently -5.96%.

First Internet Bancorp Company Profile

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).