First Internet Bancorp (NASDAQ:INBK) Receives $24.33 Average Price Target from Analysts

First Internet Bancorp (NASDAQ:INBK) has received a consensus rating of “Reduce” from the five analysts that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $24.3333.

Several brokerages recently weighed in on INBK. Piper Sandler cut their target price on shares of First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating on the stock in a research note on Monday, October 27th. Weiss Ratings reissued a “sell (d)” rating on shares of First Internet Bancorp in a research report on Tuesday. Hovde Group reduced their price target on shares of First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. Keefe, Bruyette & Woods decreased their price objective on 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, Wall Street Zen downgraded shares of First Internet Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd.

Insiders Place Their Bets

In other First Internet Bancorp news, COO Nicole S. Lorch bought 2,000 shares of the company’s stock in a transaction on Monday, November 17th. The shares were bought at an average price of $17.96 per share, for a total transaction of $35,920.00. Following the transaction, the chief operating officer owned 70,206 shares of the company’s stock, valued at approximately $1,260,899.76. This trade represents a 2.93% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John K. Keach, Jr. acquired 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The shares were acquired at an average cost of $19.34 per share, for a total transaction of $38,680.00. Following the acquisition, the director directly owned 37,046 shares of the company’s stock, valued at $716,469.64. This trade represents a 5.71% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have acquired 10,110 shares of company stock worth $187,863. Company insiders own 8.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in INBK. AlphaQuest LLC increased its holdings in First Internet Bancorp by 239.4% during 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. US Bancorp DE purchased a new stake in First Internet Bancorp in the first quarter valued at approximately $38,000. Tower Research Capital LLC TRC grew its stake in shares of 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 valued at $48,000 after buying an additional 1,198 shares during the period. BNP Paribas Financial Markets increased its stake in First Internet Bancorp by 92.1% during the third quarter. BNP Paribas Financial Markets now owns 9,261 shares of the bank’s stock worth $208,000 after acquiring an additional 4,439 shares during the last quarter. Finally, Teton Advisors LLC acquired a new stake in First Internet Bancorp during the 3rd quarter worth approximately $224,000. Hedge funds and other institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Price Performance

Shares of INBK opened at $19.01 on Friday. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $42.75. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.90. The firm has a 50-day simple moving average of $20.46 and a two-hundred day simple moving average of $23.19. The stock has a market cap of $165.50 million, a PE ratio of -5.00 and a beta of 0.93.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, October 22nd. The bank reported ($1.43) 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 2.00% and a negative net margin of 9.35%. As a group, analysts forecast that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a $0.06 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.24 annualized dividend and a dividend yield of 1.3%. First Internet Bancorp’s payout ratio is presently -6.32%.

First Internet Bancorp Company Profile

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.