First Internet Bancorp (INBK) Given Average Recommendation of “Hold” by Brokerages

Shares of First Internet Bancorp (NASDAQ:INBK) have received an average recommendation of “Hold” from the nine analysts that are covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $39.33.

A number of research firms have recently weighed in on INBK. ValuEngine upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, August 8th. FIG Partners downgraded First Internet Bancorp from an “outperform” rating to a “market-perform” rating in a research report on Monday, July 23rd. Zacks Investment Research upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, September 25th. BidaskClub downgraded First Internet Bancorp from a “sell” rating to a “strong sell” rating in a report on Thursday, July 26th. Finally, Maxim Group reiterated a “buy” rating and issued a $30.00 price objective (down previously from $38.00) on shares of First Internet Bancorp in a report on Friday, October 26th.

Shares of INBK stock traded down $1.38 on Friday, reaching $25.30. 32,225 shares of the stock were exchanged, compared to its average volume of 50,426. The company has a market cap of $264.52 million, a P/E ratio of 10.59 and a beta of 0.41. First Internet Bancorp has a one year low of $23.81 and a one year high of $42.40. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.50.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Wednesday, October 24th. The bank reported $0.61 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.61. The company had revenue of $17.96 million during the quarter, compared to the consensus estimate of $18.50 million. First Internet Bancorp had a return on equity of 9.71% and a net margin of 18.57%. As a group, equities research analysts anticipate that First Internet Bancorp will post 2.58 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were issued a $0.06 dividend. The ex-dividend date was Thursday, September 27th. This represents a $0.24 dividend on an annualized basis and a yield of 0.95%. First Internet Bancorp’s dividend payout ratio is presently 10.04%.

In related news, Director Jerry L. Williams acquired 1,500 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The stock was acquired at an average price of $25.88 per share, for a total transaction of $38,820.00. Following the completion of the acquisition, the director now owns 39,885 shares of the company’s stock, valued at approximately $1,032,223.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 6.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Stanley Laman Group Ltd. increased its holdings in First Internet Bancorp by 11.7% in the second quarter. Stanley Laman Group Ltd. now owns 18,083 shares of the bank’s stock valued at $617,000 after purchasing an additional 1,896 shares during the last quarter. Valeo Financial Advisors LLC increased its holdings in First Internet Bancorp by 48.3% in the third quarter. Valeo Financial Advisors LLC now owns 6,138 shares of the bank’s stock valued at $158,000 after purchasing an additional 2,000 shares during the last quarter. Nwam LLC increased its holdings in First Internet Bancorp by 43.6% in the second quarter. Nwam LLC now owns 7,923 shares of the bank’s stock valued at $270,000 after purchasing an additional 2,405 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in First Internet Bancorp by 16.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 17,767 shares of the bank’s stock valued at $606,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust increased its holdings in First Internet Bancorp by 0.9% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 279,588 shares of the bank’s stock valued at $8,513,000 after purchasing an additional 2,588 shares during the last quarter. Institutional investors and hedge funds own 68.13% of the company’s stock.

About First Internet Bancorp

First Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana that provides commercial and retail banking products and services in the United States. The company offers savings accounts, non-interest bearing and interest-bearing demand deposits, money market accounts, brokered deposit accounts, and certificates of deposit.

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