BidaskClub Lowers First Internet Bancorp (INBK) to Sell

BidaskClub cut shares of First Internet Bancorp (NASDAQ:INBK) from a hold rating to a sell rating in a research note released on Tuesday morning.

A number of other research analysts have also recently commented on the company. Zacks Investment Research cut First Internet Bancorp from a hold rating to a strong sell rating in a research note on Wednesday, February 28th. Sandler O’Neill reissued a buy rating and issued a $43.00 target price on shares of First Internet Bancorp in a research note on Friday, April 20th. ValuEngine cut First Internet Bancorp from a buy rating to a hold rating in a research note on Saturday, January 13th. FIG Partners cut First Internet Bancorp from an outperform rating to a market perform rating in a research note on Monday, January 22nd. Finally, Maxim Group reissued a buy rating and issued a $46.00 target price on shares of First Internet Bancorp in a research note on Friday, January 19th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $44.00.

First Internet Bancorp stock opened at $33.25 on Tuesday. The firm has a market capitalization of $274.99 million, a PE ratio of 12.27 and a beta of 0.03. First Internet Bancorp has a fifty-two week low of $25.48 and a fifty-two week high of $42.40. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 1.99.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Thursday, April 19th. The bank reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.02. The firm had revenue of $17.96 million for the quarter, compared to analysts’ expectations of $18.40 million. First Internet Bancorp had a net margin of 17.67% and a return on equity of 9.99%. sell-side analysts anticipate that First Internet Bancorp will post 3.19 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, April 16th. Investors of record on Friday, March 30th were paid a $0.06 dividend. The ex-dividend date was Wednesday, March 28th. This represents a $0.24 dividend on an annualized basis and a yield of 0.72%. First Internet Bancorp’s dividend payout ratio is presently 10.04%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its position in First Internet Bancorp by 6.3% during the first quarter. Victory Capital Management Inc. now owns 37,750 shares of the bank’s stock valued at $1,397,000 after buying an additional 2,232 shares during the period. California State Teachers Retirement System boosted its position in First Internet Bancorp by 24.5% during the fourth quarter. California State Teachers Retirement System now owns 12,564 shares of the bank’s stock valued at $479,000 after buying an additional 2,475 shares during the period. TIAA CREF Investment Management LLC boosted its position in First Internet Bancorp by 17.5% during the fourth quarter. TIAA CREF Investment Management LLC now owns 19,767 shares of the bank’s stock valued at $754,000 after buying an additional 2,949 shares during the period. Bank of New York Mellon Corp boosted its position in First Internet Bancorp by 10.6% during the fourth quarter. Bank of New York Mellon Corp now owns 32,839 shares of the bank’s stock valued at $1,253,000 after buying an additional 3,146 shares during the period. Finally, Wells Fargo & Company MN boosted its position in First Internet Bancorp by 94.4% during the third quarter. Wells Fargo & Company MN now owns 7,310 shares of the bank’s stock valued at $236,000 after buying an additional 3,549 shares during the period. 69.16% of the stock is currently owned by institutional investors and hedge funds.

About First Internet Bancorp

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.

Analyst Recommendations for First Internet Bancorp (NASDAQ:INBK)

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