First Internet Bancorp (NASDAQ:INBK) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of First Internet Bancorp (NASDAQ:INBK) from a sell rating to a hold rating in a research report sent to investors on Tuesday.

Other analysts have also issued reports about the stock. Keefe, Bruyette & Woods cut their price target on shares of First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating for the company in a research report on Friday, January 30th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research note on Monday, December 29th. Piper Sandler lowered their price target 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 price target 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. Finally, Zacks Research downgraded shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, First Internet Bancorp has an average rating of “Reduce” and a consensus target price of $25.17.

First Internet Bancorp Stock Performance

NASDAQ:INBK opened at $20.01 on Tuesday. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $31.04. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.91 and a quick ratio of 0.88. The business has a 50 day moving average of $21.38 and a 200 day moving average of $21.52. The company has a market capitalization of $174.29 million, a price-to-earnings ratio of -4.97 and a beta of 0.83.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.52%. The firm had revenue of $42.11 million during the quarter, compared to analyst estimates of $32.80 million. On average, sell-side analysts predict 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 disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a $0.06 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $0.24 annualized dividend and a yield of 1.2%. First Internet Bancorp’s dividend payout ratio is -5.96%.

Hedge Funds Weigh In On First Internet Bancorp

A number of institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC grew its position in shares of First Internet Bancorp by 202.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,789 shares of the bank’s stock worth $48,000 after buying an additional 1,198 shares during the period. GAMMA Investing LLC increased its stake in shares of First Internet Bancorp by 1,123.5% during the fourth quarter. GAMMA Investing LLC now owns 3,181 shares of the bank’s stock valued at $66,000 after purchasing an additional 2,921 shares in the last quarter. Deutsche Bank AG increased its position in First Internet Bancorp by 4,390.4% during the 4th quarter. Deutsche Bank AG now owns 5,164 shares of the bank’s stock valued at $108,000 after buying an additional 5,049 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in First Internet Bancorp by 19.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank’s stock valued at $126,000 after buying an additional 1,000 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in First Internet Bancorp by 62.8% in the fourth quarter. Wells Fargo & Company MN now owns 8,759 shares of the bank’s stock worth $183,000 after acquiring an additional 3,379 shares in the last quarter. 65.46% of the stock is owned by institutional investors.

First Internet Bancorp Company Profile

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).