Analysts Set First Internet Bancorp (NASDAQ:INBK) PT at $24.33

Shares of First Internet Bancorp (NASDAQ:INBK) have been assigned an average recommendation of “Reduce” from the five analysts that are currently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $24.3333.

Several analysts have recently weighed in on the stock. Zacks Research cut shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 28th. Hovde Group lowered their price target on First Internet Bancorp from $29.00 to $26.00 and set an “outperform” rating on the stock in a research report on Friday, October 24th. Keefe, Bruyette & Woods dropped their price target on First Internet Bancorp from $27.00 to $25.00 and set a “market perform” rating for the company in a research note on Friday, October 24th. Weiss Ratings reiterated a “sell (d)” rating on shares of First Internet Bancorp in a report on Monday. Finally, Piper Sandler lowered their price target on shares of First Internet Bancorp from $25.50 to $22.00 and set a “neutral” rating for the company in a research note on Monday, October 27th.

First Internet Bancorp Stock Performance

Shares of INBK opened at $20.78 on Wednesday. The company has a market cap of $180.99 million, a PE ratio of -5.47 and a beta of 0.85. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 1.01. The stock has a 50-day moving average price of $19.67 and a 200-day moving average price of $22.74. First Internet Bancorp has a 12-month low of $17.05 and a 12-month high of $37.50.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Wednesday, October 22nd. The bank reported ($1.43) earnings per share for the quarter, missing the consensus estimate of $0.66 by ($2.09). The company had revenue of $43.53 million during the quarter, compared to the consensus estimate of $33.48 million. First Internet Bancorp had a negative return on equity of 2.05% and a negative net margin of 9.35%. As a group, equities analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a dividend of $0.06 per share. The ex-dividend date is Wednesday, December 31st. This represents a $0.24 annualized dividend and a yield of 1.2%. First Internet Bancorp’s dividend payout ratio is currently -6.32%.

Insider Buying and Selling

In related news, Director John K. Keach, Jr. purchased 2,000 shares of the firm’s stock in a transaction on Tuesday, October 28th. The shares were acquired at an average cost of $19.34 per share, with a total value of $38,680.00. Following the purchase, the director directly owned 37,046 shares of the company’s stock, valued at approximately $716,469.64. This trade represents a 5.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Nicole S. Lorch acquired 2,000 shares of the stock in a transaction on Monday, November 17th. The stock was bought at an average price of $17.96 per share, with a total value of $35,920.00. Following the transaction, the chief operating officer directly owned 70,206 shares of the company’s stock, valued at approximately $1,260,899.76. The trade was a 2.93% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 10,110 shares of company stock worth $187,863 in the last ninety days. 8.00% of the stock is owned by insiders.

Institutional Trading of First Internet Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE bought a new stake in shares of First Internet Bancorp during the 1st quarter valued at about $38,000. Nuveen LLC purchased a new stake in shares of First Internet Bancorp during the first quarter valued at approximately $725,000. Russell Investments Group Ltd. boosted its stake in First Internet Bancorp by 9.8% during the 1st quarter. Russell Investments Group Ltd. now owns 78,577 shares of the bank’s stock valued at $2,104,000 after purchasing an additional 6,983 shares during the last quarter. American Century Companies Inc. increased its holdings in First Internet Bancorp by 17.2% in the 1st quarter. American Century Companies Inc. now owns 134,335 shares of the bank’s stock worth $3,597,000 after buying an additional 19,730 shares in the last quarter. Finally, Hsbc Holdings PLC grew its stake in shares of First Internet Bancorp by 7.0% in the first quarter. Hsbc Holdings PLC now owns 11,579 shares of the bank’s stock worth $302,000 after acquiring an additional 758 shares during the period. Hedge funds and other institutional investors 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).