Zacks Investment Research Downgrades First Internet Bancorp (INBK) to Sell

Zacks Investment Research cut shares of First Internet Bancorp (NASDAQ:INBK) from a hold rating to a sell rating in a report issued on Tuesday morning.

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. “

INBK has been the topic of several other reports. Craig Hallum set a $45.00 price objective on First Internet Bancorp and gave the stock a buy rating in a research note on Thursday, October 25th. ValuEngine cut First Internet Bancorp from a hold rating to a sell rating in a research note on Thursday, August 2nd. BidaskClub cut First Internet Bancorp from a hold rating to a sell rating in a research note on Thursday, July 12th. Maxim Group restated a buy rating and set a $30.00 price objective (down from $38.00) on shares of First Internet Bancorp in a research note on Friday, October 26th. Finally, FIG Partners cut First Internet Bancorp from an outperform rating to a market-perform rating in a research note on Monday, July 23rd. Three investment analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. First Internet Bancorp presently has a consensus rating of Hold and an average target price of $40.50.

INBK stock opened at $25.79 on Tuesday. First Internet Bancorp has a twelve month low of $23.81 and a twelve 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 company has a market cap of $263.09 million, a PE ratio of 10.79 and a beta of 0.04.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, October 24th. The bank reported $0.61 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.61. First Internet Bancorp had a net margin of 18.57% and a return on equity of 9.71%. The business had revenue of $17.96 million during the quarter, compared to the consensus estimate of $18.50 million. On average, analysts anticipate that First Internet Bancorp will post 2.58 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.93%. The ex-dividend date of this dividend was Thursday, September 27th. First Internet Bancorp’s dividend payout ratio (DPR) is presently 10.04%.

In other news, Director Jerry L. Williams acquired 1,500 shares of First Internet Bancorp stock in a transaction that occurred on Thursday, November 1st. The shares were purchased at an average cost of $25.88 per share, for a total transaction of $38,820.00. Following the completion of the purchase, the director now directly owns 39,885 shares of the company’s stock, valued at approximately $1,032,223.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 6.20% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Valeo Financial Advisors LLC lifted its stake in First Internet Bancorp by 48.3% during the third quarter. Valeo Financial Advisors LLC now owns 6,138 shares of the bank’s stock worth $158,000 after purchasing an additional 2,000 shares during the last quarter. AMI Investment Management Inc. bought a new stake in First Internet Bancorp in the second quarter valued at $205,000. Quantitative Systematic Strategies LLC bought a new stake in First Internet Bancorp in the second quarter valued at $235,000. Cim Investment Mangement Inc. bought a new stake in First Internet Bancorp in the second quarter valued at $242,000. Finally, Nwam LLC lifted its stake in First Internet Bancorp by 43.6% in the second quarter. Nwam LLC now owns 7,923 shares of the bank’s stock valued at $270,000 after buying an additional 2,405 shares during the last quarter. Hedge funds and other institutional investors own 68.28% 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 accounts, non-interest bearing and interest-bearing demand deposits, money market accounts, brokered deposit accounts, and certificates of deposit.

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