First Internet Bancorp (INBK) Cut to “Hold” at Zacks Investment Research
Zacks Investment Research downgraded shares of First Internet Bancorp (NASDAQ:INBK) from a buy rating to a hold rating in a research note published on Tuesday.
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. “
A number of other equities research analysts have also recently commented on the stock. TheStreet raised shares of First Internet Bancorp from a c+ rating to a b rating in a research note on Thursday, November 16th. BidaskClub cut shares of First Internet Bancorp from a buy rating to a hold rating in a research note on Tuesday, December 12th. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $44.00 price target on shares of First Internet Bancorp in a research note on Friday, October 20th. Hovde Group raised their price target on shares of First Internet Bancorp from $37.00 to $43.00 and gave the stock an outperform rating in a research note on Monday, October 23rd. Finally, Maxim Group raised 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. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. First Internet Bancorp presently has a consensus rating of Buy and an average price target of $43.75.
Shares of First Internet Bancorp (NASDAQ:INBK) traded up $0.30 during midday trading on Tuesday, reaching $40.95. 20,449 shares of the company were exchanged, compared to its average volume of 23,644. The firm has a market cap of $333.08, a PE ratio of 17.13 and a beta of 0.13. First Internet Bancorp has a 12-month low of $25.48 and a 12-month high of $42.40. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.99 and a current ratio of 1.01.
First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Friday, October 20th. The bank reported $0.71 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.08. The firm had revenue of $17.33 million for the quarter, compared to analysts’ expectations of $16.90 million. First Internet Bancorp had a net margin of 28.25% and a return on equity of 10.21%. analysts predict that First Internet Bancorp will post 2.36 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.24 annualized dividend and a dividend yield of 0.59%. First Internet Bancorp’s dividend payout ratio is currently 10.04%.
Institutional investors have recently added to or reduced their stakes in the business. Citigroup Inc. boosted its stake in shares of First Internet Bancorp by 3,143.3% during the 2nd quarter. Citigroup Inc. now owns 4,119 shares of the bank’s stock worth $115,000 after purchasing an additional 3,992 shares during the last quarter. Valeo Financial Advisors LLC acquired a new stake in shares of First Internet Bancorp during the 3rd quarter worth about $134,000. The Manufacturers Life Insurance Company boosted its stake in shares of First Internet Bancorp by 3.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,144 shares of the bank’s stock worth $144,000 after purchasing an additional 159 shares during the last quarter. Strs Ohio boosted its stake in shares of First Internet Bancorp by 96.0% during the 3rd quarter. Strs Ohio now owns 4,900 shares of the bank’s stock worth $158,000 after purchasing an additional 2,400 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of First Internet Bancorp during the 3rd quarter worth about $167,000. 63.87% of the stock is currently owned by institutional investors.
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First Internet Bancorp Company Profile
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.
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