First Internet Bancorp (NASDAQ:INBK) Earns Hold Rating from Analysts at StockNews.com

StockNews.com initiated coverage on shares of First Internet Bancorp (NASDAQ:INBK – Get Rating) in a research note issued to investors on Thursday. The brokerage issued a hold rating on the bank’s stock.

Separately, TheStreet cut shares of First Internet Bancorp from a b- rating to a c rating in a report on Wednesday, November 30th. Five analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has an average rating of Hold and an average target price of $32.50.

First Internet Bancorp Stock Performance

Shares of INBK stock traded down $0.68 on Thursday, reaching $19.04. The stock had a trading volume of 65,473 shares, compared to its average volume of 38,644. The company has a quick ratio of 1.08, a current ratio of 1.09 and a debt-to-equity ratio of 1.97. The firm’s 50-day moving average is $25.45 and its two-hundred day moving average is $27.48. The firm has a market capitalization of $170.41 million, a price-to-earnings ratio of 5.15 and a beta of 0.54. First Internet Bancorp has a 12 month low of $17.90 and a 12 month high of $47.17.

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

First Internet Bancorp Announces Dividend

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

Insider Transactions at First Internet Bancorp

In other First Internet Bancorp news, Director Ann C. Dee bought 1,000 shares of the stock in a transaction dated Thursday, February 23rd. The shares were bought at an average cost of $27.43 per share, with a total value of $27,430.00. Following the completion of the acquisition, the director now owns 2,850 shares of the company’s stock, valued at $78,175.50. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in INBK. Tower Research Capital LLC TRC increased its holdings in shares of First Internet Bancorp by 148.9% during the third quarter. Tower Research Capital LLC TRC now owns 1,267 shares of the bank’s stock worth $42,000 after purchasing an additional 758 shares during the period. Ronald Blue Trust Inc. acquired a new stake in shares of First Internet Bancorp during the 2nd quarter worth approximately $46,000. Barclays PLC boosted its position in shares of First Internet Bancorp by 521.7% during the 4th quarter. Barclays PLC now owns 2,325 shares of the bank’s stock worth $56,000 after acquiring an additional 1,951 shares in the last quarter. UBS Group AG boosted its position in shares of First Internet Bancorp by 5,450.0% during the 4th quarter. UBS Group AG now owns 2,442 shares of the bank’s stock worth $59,000 after acquiring an additional 2,398 shares in the last quarter. Finally, BNP Paribas Arbitrage SNC boosted its position in shares of First Internet Bancorp by 61.4% during the 3rd quarter. BNP Paribas Arbitrage SNC now owns 3,124 shares of the bank’s stock worth $106,000 after acquiring an additional 1,189 shares in the last quarter. 70.72% of the stock is owned by institutional investors.

First Internet Bancorp Company Profile

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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.