First Internet Bancorp (NASDAQ:INBK) Given Consensus Recommendation of “Hold” by Analysts

Shares of First Internet Bancorp (NASDAQ:INBK – Get Rating) have been given a consensus recommendation of “Hold” by the six research firms that are currently covering the firm, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating. The average 12-month price target among brokers that have covered the stock in the last year is $32.50.

A number of research firms recently commented on INBK. TheStreet cut First Internet Bancorp from a “b-” rating to a “c” rating in a report on Wednesday, November 30th. StockNews.com began coverage on First Internet Bancorp in a report on Thursday. They issued a “hold” rating on the stock.

Insider Activity at First Internet Bancorp

In other First Internet Bancorp news, Director Ann C. Dee purchased 1,000 shares of the firm’s stock in a transaction on Thursday, February 23rd. The shares were purchased at an average cost of $27.43 per share, with a total value of $27,430.00. Following the purchase, the director now owns 2,850 shares in the company, valued at $78,175.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On First Internet Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of INBK. Fiduciary Trust Co. boosted its stake in First Internet Bancorp by 41.6% during the 3rd quarter. Fiduciary Trust Co. now owns 127,466 shares of the bank’s stock valued at $4,316,000 after acquiring an additional 37,427 shares during the last quarter. Trexquant Investment LP acquired a new stake in shares of First Internet Bancorp in the 2nd quarter worth about $401,000. Summit Global Investments increased its holdings in shares of First Internet Bancorp by 66.0% in the 2nd quarter. Summit Global Investments now owns 8,300 shares of the bank’s stock worth $306,000 after acquiring an additional 3,300 shares during the period. Strs Ohio increased its holdings in shares of First Internet Bancorp by 4.9% in the 3rd quarter. Strs Ohio now owns 17,100 shares of the bank’s stock worth $579,000 after acquiring an additional 800 shares during the period. Finally, Foundry Partners LLC increased its holdings in shares of First Internet Bancorp by 1.6% in the 3rd quarter. Foundry Partners LLC now owns 64,830 shares of the bank’s stock worth $2,195,000 after acquiring an additional 1,030 shares during the period. Institutional investors and hedge funds own 70.72% of the company’s stock.

First Internet Bancorp Price Performance

INBK stock opened at $19.04 on Friday. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.09 and a quick ratio of 1.08. The business has a 50 day simple moving average of $25.45 and a 200-day simple moving average of $27.48. The firm has a market capitalization of $170.41 million, a PE ratio of 5.15 and a beta of 0.54. First Internet Bancorp has a 1 year low of $17.90 and a 1 year high of $47.17.

First Internet Bancorp (NASDAQ:INBK – Get Rating) last posted its quarterly earnings results on Wednesday, January 25th. The bank reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05). The company had revenue of $27.48 million during the quarter, compared to analysts’ expectations of $26.70 million. First Internet Bancorp had a net margin of 19.95% and a return on equity of 10.15%. Equities research analysts anticipate that First Internet Bancorp will post 2.25 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 17th. Investors of record on Friday, December 30th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date was Thursday, December 29th. First Internet Bancorp’s payout ratio is currently 6.49%.

About First Internet Bancorp

(Get Rating)

First Internet Bancorp engages in the provision of online commercial and retail banking products and services. It offers first-lien residential mortgage loans, consumer loans and credit cards & CRE loans in Indiana and other parts of the midwest in the form of office, retail, industrial, and multifamily loans, with credit tenant lease financing.