ValuEngine Lowers First Internet Bancorp (NASDAQ:INBK) to Sell

ValuEngine cut shares of First Internet Bancorp (NASDAQ:INBK) from a hold rating to a sell rating in a report issued on Thursday morning, ValuEngine reports.

A number of other research analysts have also commented on the company. Craig Hallum assumed coverage on First Internet Bancorp in a research note on Monday, December 23rd. They issued a buy rating and a $33.00 target price for the company. Piper Sandler upped their target price on First Internet Bancorp from $30.00 to $33.00 and gave the company an overweight rating in a research note on Monday, January 27th. Zacks Investment Research lowered First Internet Bancorp from a hold rating to a sell rating in a research note on Friday, March 27th. Hovde Group upgraded First Internet Bancorp from a market perform rating to an outperform rating and set a $29.00 target price for the company in a research note on Tuesday, January 14th. Finally, BidaskClub upgraded First Internet Bancorp from a strong sell rating to a sell rating in a research note on Tuesday, January 28th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Hold and an average target price of $31.50.

Shares of INBK stock traded up $1.47 during trading hours on Thursday, reaching $15.38. 49,700 shares of the company’s stock were exchanged, compared to its average volume of 41,844. First Internet Bancorp has a fifty-two week low of $10.47 and a fifty-two week high of $28.50. The stock has a market capitalization of $138.89 million, a P/E ratio of 6.13 and a beta of 1.02. The business has a fifty day moving average price of $20.27 and a 200-day moving average price of $22.72. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 1.92.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.15. First Internet Bancorp had a return on equity of 8.48% and a net margin of 15.37%. The company had revenue of $20.78 million during the quarter, compared to analyst estimates of $20.50 million. As a group, research analysts expect that First Internet Bancorp will post 2.22 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend is Monday, March 30th. First Internet Bancorp’s dividend payout ratio (DPR) is 9.56%.

In other First Internet Bancorp news, Director John K. Keach, Jr. bought 2,000 shares of the firm’s stock in a transaction dated Thursday, March 19th. The shares were bought at an average price of $13.20 per share, for a total transaction of $26,400.00. Also, CEO David B. Becker bought 7,000 shares of the firm’s stock in a transaction dated Thursday, March 19th. The shares were acquired at an average price of $14.51 per share, for a total transaction of $101,570.00. Insiders acquired 27,200 shares of company stock worth $354,566 over the last quarter. Company insiders own 5.60% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Emerald Mutual Fund Advisers Trust bought a new stake in shares of First Internet Bancorp during the fourth quarter worth $31,000. Citigroup Inc. grew its holdings in shares of First Internet Bancorp by 38.6% during the fourth quarter. Citigroup Inc. now owns 1,991 shares of the bank’s stock worth $47,000 after purchasing an additional 554 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in shares of First Internet Bancorp during the third quarter worth $151,000. Barclays PLC grew its holdings in shares of First Internet Bancorp by 94.1% during the fourth quarter. Barclays PLC now owns 9,657 shares of the bank’s stock worth $229,000 after purchasing an additional 4,682 shares during the last quarter. Finally, California Public Employees Retirement System bought a new stake in shares of First Internet Bancorp during the fourth quarter worth $280,000. Institutional investors own 70.29% of the company’s stock.

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 and money market accounts, non-interest bearing and interest-bearing demand deposits, brokered deposit accounts, and certificates of deposit.

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