First Internet Bancorp (NASDAQ:INBK) Upgraded to “Sell” by ValuEngine

ValuEngine upgraded shares of First Internet Bancorp (NASDAQ:INBK) from a strong sell rating to a sell rating in a research report report published on Thursday morning, ValuEngine reports.

A number of other equities analysts have also weighed in on the company. Zacks Investment Research upgraded First Internet Bancorp from a hold rating to a strong-buy rating and set a $26.00 target price on the stock in a research note on Wednesday, May 1st. Maxim Group restated a hold rating on shares of First Internet Bancorp in a research note on Monday, April 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. First Internet Bancorp presently has an average rating of Hold and an average target price of $30.20.

NASDAQ INBK traded up $0.01 during trading on Thursday, reaching $20.37. The company’s stock had a trading volume of 23,009 shares, compared to its average volume of 29,255. The company has a market capitalization of $205.25 million, a PE ratio of 8.15 and a beta of 0.59. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.05 and a quick ratio of 1.04. The stock has a fifty day moving average of $20.69. First Internet Bancorp has a one year low of $17.56 and a one year high of $32.45.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The business had revenue of $19.56 million for the quarter, compared to analyst estimates of $19.20 million. First Internet Bancorp had a return on equity of 8.13% and a net margin of 15.08%. As a group, equities analysts forecast that First Internet Bancorp will post 2.23 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date was Thursday, June 27th. First Internet Bancorp’s payout ratio is currently 9.60%.

Several institutional investors and hedge funds have recently bought and sold shares of INBK. Dimensional Fund Advisors LP boosted its holdings in shares of First Internet Bancorp by 20.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 412,284 shares of the bank’s stock worth $8,427,000 after purchasing an additional 70,743 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of First Internet Bancorp by 8.1% in the 4th quarter. BlackRock Inc. now owns 553,955 shares of the bank’s stock worth $11,323,000 after purchasing an additional 41,380 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of First Internet Bancorp by 69.1% in the 4th quarter. Bank of New York Mellon Corp now owns 73,797 shares of the bank’s stock worth $1,509,000 after purchasing an additional 30,145 shares in the last quarter. Municipal Employees Retirement System of Michigan purchased a new position in shares of First Internet Bancorp in the 4th quarter worth about $480,000. Finally, Strs Ohio boosted its holdings in shares of First Internet Bancorp by 142.7% in the 1st quarter. Strs Ohio now owns 30,100 shares of the bank’s stock worth $581,000 after purchasing an additional 17,700 shares in the last quarter. Hedge funds and other institutional investors own 68.73% of the company’s stock.

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

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