Zacks Investment Research Lowers First Internet Bancorp (INBK) to Hold

Zacks Investment Research downgraded shares of First Internet Bancorp (NASDAQ:INBK) from a buy rating to a hold rating in a research note released on Tuesday, January 9th.

According to Zacks, “First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana. The Bank operates through the internet primarily in the United States. Its services includes checking accounts, regular and money market savings accounts, consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. First Internet Bancorp is based in Indianapolis, United States. “

Other equities analysts have also recently issued research reports about the stock. TheStreet upgraded shares of First Internet Bancorp from a c+ rating to a b rating in a research note on Thursday, November 16th. Maxim Group upped their price target on shares of First Internet Bancorp from $37.00 to $44.00 and gave the stock a buy rating in a research note on Monday, October 23rd. Keefe, Bruyette & Woods reiterated a buy rating and issued a $44.00 price target on shares of First Internet Bancorp in a research note on Friday, October 20th. BidaskClub cut shares of First Internet Bancorp from a buy rating to a hold rating in a research note on Tuesday, December 12th. Finally, Hovde Group boosted their target price on First Internet Bancorp from $37.00 to $43.00 and gave the stock an outperform rating in a research report on Monday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. First Internet Bancorp currently has a consensus rating of Hold and a consensus price target of $44.25.

First Internet Bancorp (NASDAQ INBK) opened at $37.50 on Tuesday. The stock has a market cap of $314.99 and a PE ratio of 17.36. First Internet Bancorp has a one year low of $25.48 and a one year high of $42.40. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.01 and a quick ratio of 0.99.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Friday, January 19th. The bank reported $0.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.02. The company had revenue of $17.90 million for the quarter, compared to analysts’ expectations of $19.00 million. First Internet Bancorp had a net margin of 15.99% and a return on equity of 9.45%. analysts expect that First Internet Bancorp will post 3.26 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date was Thursday, December 28th. First Internet Bancorp’s dividend payout ratio (DPR) is 11.11%.

A number of large investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company raised its position in First Internet Bancorp by 3.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,144 shares of the bank’s stock worth $144,000 after buying an additional 159 shares during the last quarter. Teachers Advisors LLC raised its position in First Internet Bancorp by 9.1% in the 2nd quarter. Teachers Advisors LLC now owns 10,653 shares of the bank’s stock worth $299,000 after buying an additional 893 shares during the last quarter. Connors Investor Services Inc. increased its position in shares of First Internet Bancorp by 10.1% during the 2nd quarter. Connors Investor Services Inc. now owns 10,911 shares of the bank’s stock valued at $306,000 after purchasing an additional 1,000 shares during the last quarter. Northern Trust Corp increased its position in shares of First Internet Bancorp by 2.1% during the 2nd quarter. Northern Trust Corp now owns 83,179 shares of the bank’s stock valued at $2,333,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of First Internet Bancorp by 5.2% during the 2nd quarter. Victory Capital Management Inc. now owns 43,322 shares of the bank’s stock valued at $1,215,000 after purchasing an additional 2,150 shares during the last quarter. 64.00% of the stock is owned by institutional investors and hedge funds.

ILLEGAL ACTIVITY WARNING: This report was originally reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this report on another site, it was copied illegally and republished in violation of US and international trademark & copyright laws. The correct version of this report can be viewed at https://www.dispatchtribunal.com/2018/02/02/first-internet-bancorp-inbk-lowered-to-hold-at-zacks-investment-research.html.

About First Internet Bancorp

First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana (the Bank). The Company offers a complement of products and services on a nationwide basis. The Company conducts its deposit operations primarily over the Internet.

Get a free copy of the Zacks research report on First Internet Bancorp (INBK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for First Internet Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Internet Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply