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

Shares of First Internet Bancorp (NASDAQ:INBK) have been assigned an average recommendation of “Reduce” from the five brokerages that are presently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $25.1667.

INBK has been the topic of several research reports. Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday, December 29th. 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 report on Friday, January 30th. Keefe, Bruyette & Woods cut their price objective on 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. Piper Sandler cut their price objective on First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a report on Friday, January 30th. Finally, Wall Street Zen upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th.

Hedge Funds Weigh In On First Internet Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Empowered Funds LLC boosted its holdings in shares of First Internet Bancorp by 7.1% in the fourth quarter. Empowered Funds LLC now owns 15,329 shares of the bank’s stock worth $320,000 after buying an additional 1,012 shares during the last quarter. XTX Topco Ltd purchased a new stake in First Internet Bancorp during the fourth quarter valued at approximately $206,000. Quadrature Capital Ltd bought a new position in First Internet Bancorp in the fourth quarter worth approximately $473,000. Millennium Management LLC raised its position in First Internet Bancorp by 48.8% in the fourth quarter. Millennium Management LLC now owns 145,554 shares of the bank’s stock worth $3,038,000 after acquiring an additional 47,715 shares during the period. Finally, Bridgeway Capital Management LLC boosted its stake in shares of First Internet Bancorp by 2.3% during the 4th quarter. Bridgeway Capital Management LLC now owns 45,229 shares of the bank’s stock worth $944,000 after acquiring an additional 1,012 shares during the last quarter. Hedge funds and other institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Price Performance

Shares of NASDAQ:INBK opened at $19.88 on Friday. First Internet Bancorp has a fifty-two week low of $17.05 and a fifty-two week high of $28.51. The business has a 50-day simple moving average of $20.88 and a two-hundred day simple moving average of $20.85. 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 firm has a market cap of $173.35 million, a price-to-earnings ratio of -4.93 and a beta of 0.83.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.54%. The firm had revenue of $42.11 million for the quarter, compared to the consensus estimate of $32.80 million. On average, analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $0.24 annualized dividend and a dividend yield of 1.2%. 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).