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 released on Monday morning,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods cut their price objective on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a research note on Friday, January 30th. Piper Sandler reduced their price objective on shares of First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a report on Friday, January 30th. Hovde Group increased their target price 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. Wall Street Zen raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of First Internet Bancorp in a research report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $25.17.

First Internet Bancorp Stock Performance

Shares of INBK stock opened at $20.52 on Monday. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $28.51. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.88 and a quick ratio of 0.86. The firm has a market capitalization of $178.93 million, a price-to-earnings ratio of -5.09 and a beta of 0.79. The business has a 50 day simple moving average of $20.78 and a 200 day simple moving average of $20.79.

First Internet Bancorp (NASDAQ:INBK) last announced its 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. First Internet Bancorp had a negative return on equity of 1.54% and a negative net margin of 10.05%.The firm had revenue of $42.11 million for the quarter, compared to the consensus estimate of $32.80 million. On average, equities research analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Tuesday, March 31st. First Internet Bancorp’s payout ratio is currently -5.96%.

Institutional Trading of First Internet Bancorp

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in First Internet Bancorp by 1.3% during the third quarter. Vanguard Group Inc. now owns 435,025 shares of the bank’s stock worth $9,758,000 after acquiring an additional 5,632 shares during the period. Heartland Advisors Inc. lifted its holdings in First Internet Bancorp by 1.7% in the 4th quarter. Heartland Advisors Inc. now owns 288,595 shares of the bank’s stock valued at $6,023,000 after acquiring an additional 4,745 shares during the last quarter. Aegis Financial Corp bought a new position in shares of First Internet Bancorp during the 4th quarter valued at about $5,224,000. Patriot Financial Partners GP II L.P. bought a new position in shares of First Internet Bancorp during the 3rd quarter valued at about $4,696,000. Finally, CSM Advisors LLC grew its stake in shares of First Internet Bancorp by 35.9% in the 4th quarter. CSM Advisors LLC now owns 191,854 shares of the bank’s stock worth $4,005,000 after purchasing an additional 50,695 shares during the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

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).