First Internet Bancorp (INBK) Receives Consensus Rating of “Hold” from Brokerages

Shares of First Internet Bancorp (NASDAQ:INBK) have received an average recommendation of “Hold” from the ten analysts that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $45.33.

Several equities research analysts have recently commented on INBK shares. FIG Partners cut shares of First Internet Bancorp from an “outperform” rating to a “market-perform” rating in a research report on Monday, July 23rd. BidaskClub raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 16th. Zacks Investment Research raised shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, September 25th. Finally, ValuEngine cut shares of First Internet Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th.

NASDAQ:INBK opened at $30.38 on Tuesday. First Internet Bancorp has a 12 month low of $28.91 and a 12 month high of $42.40. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.05 and a quick ratio of 1.04. The stock has a market capitalization of $310.03 million, a PE ratio of 12.71 and a beta of 0.04.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Friday, July 20th. The bank reported $0.67 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by ($0.03). First Internet Bancorp had a return on equity of 9.36% and a net margin of 18.39%. The company had revenue of $17.64 million during the quarter, compared to analysts’ expectations of $20.03 million. As a group, research analysts forecast that First Internet Bancorp will post 2.59 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, September 27th. This represents a $0.24 dividend on an annualized basis and a yield of 0.79%. First Internet Bancorp’s dividend payout ratio (DPR) is currently 10.04%.

In other First Internet Bancorp news, Director Jerry L. Williams purchased 3,000 shares of the stock in a transaction that occurred on Thursday, July 26th. The stock was bought at an average cost of $31.00 per share, with a total value of $93,000.00. Following the transaction, the director now directly owns 39,885 shares in the company, valued at approximately $1,236,435. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David B. Becker purchased 2,500 shares of the stock in a transaction that occurred on Friday, July 27th. The shares were acquired at an average cost of $30.89 per share, with a total value of $77,225.00. The disclosure for this purchase can be found here. Company insiders own 6.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Stanley Laman Group Ltd. lifted its position in First Internet Bancorp by 11.7% during the 2nd quarter. Stanley Laman Group Ltd. now owns 18,083 shares of the bank’s stock valued at $617,000 after acquiring an additional 1,896 shares during the period. Nwam LLC lifted its position in First Internet Bancorp by 43.6% during the 2nd quarter. Nwam LLC now owns 7,923 shares of the bank’s stock valued at $270,000 after acquiring an additional 2,405 shares during the period. Schwab Charles Investment Management Inc. lifted its position in First Internet Bancorp by 16.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 17,767 shares of the bank’s stock valued at $606,000 after acquiring an additional 2,500 shares during the period. Northern Trust Corp lifted its position in First Internet Bancorp by 3.0% during the 2nd quarter. Northern Trust Corp now owns 106,456 shares of the bank’s stock valued at $3,630,000 after acquiring an additional 3,119 shares during the period. Finally, Argent Capital Management LLC lifted its position in First Internet Bancorp by 2.8% during the 2nd quarter. Argent Capital Management LLC now owns 143,180 shares of the bank’s stock valued at $4,882,000 after acquiring an additional 3,850 shares during the period. 68.45% of the stock is owned by institutional investors.

First Internet Bancorp Company Profile

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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Analyst Recommendations for First Internet Bancorp (NASDAQ:INBK)

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