Key Points
- Director Joseph Fenech bought 1,000 shares at $19.83 on Feb. 24, raising his stake to 10,102 shares (a 10.99% increase), disclosed on an SEC Form 4.
- First Internet Bancorp beat Q4 estimates with $0.64 EPS and $42.11M revenue but still posts a negative net margin (-10.05%) and ROE (-1.52%); the stock trades around $19.93 with a market cap of about $173.6M.
- Analyst sentiment is mixed with a MarketBeat consensus of "Reduce" and a $25.17 target; the bank pays a $0.06 quarterly dividend (1.2% yield) and institutional investors own roughly 65% of the shares.
First Internet Bancorp (NASDAQ:INBK - Get Free Report) Director Joseph Fenech acquired 1,000 shares of the business's stock in a transaction dated Tuesday, February 24th. The stock was purchased at an average price of $19.83 per share, with a total value of $19,830.00. Following the acquisition, the director owned 10,102 shares of the company's stock, valued at approximately $200,322.66. This trade represents a 10.99% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
First Internet Bancorp Price Performance
NASDAQ:INBK traded down $0.57 during mid-day trading on Friday, reaching $19.93. 13,949 shares of the stock were exchanged, compared to its average volume of 52,326. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 1.01. The business has a fifty day moving average price of $21.29 and a 200 day moving average price of $21.51. First Internet Bancorp has a 1-year low of $17.05 and a 1-year high of $30.74. The firm has a market capitalization of $173.59 million, a PE ratio of -4.95 and a beta of 0.83.
First Internet Bancorp (NASDAQ:INBK - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The bank reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. The company had revenue of $42.11 million during the quarter, compared to analyst estimates of $32.80 million. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.52%. Research analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.
First Internet Bancorp Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a $0.06 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $0.24 annualized dividend and a yield of 1.2%. First Internet Bancorp's payout ratio is -5.96%.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on INBK. Hovde Group raised their price objective on First Internet Bancorp from $26.00 to $29.00 and gave the stock an "outperform" rating in a research note on Friday, January 30th. Piper Sandler cut their target price on First Internet Bancorp from $24.00 to $23.50 and set a "neutral" rating on the stock in a research report on Friday, January 30th. Weiss Ratings reiterated a "sell (d)" rating on shares of First Internet Bancorp in a research report on Monday, December 29th. Zacks Research cut First Internet Bancorp from a "hold" rating to a "strong sell" rating in a research note on Friday, January 30th. Finally, Keefe, Bruyette & Woods cut their price objective on First Internet Bancorp from $25.00 to $23.00 and set a "market perform" rating on the stock in a report on Friday, January 30th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus price target of $25.17.
Check Out Our Latest Report on First Internet Bancorp
Hedge Funds Weigh In On First Internet Bancorp
Large investors have recently made changes to their positions in the business. Bridgeway Capital Management LLC lifted its position in shares of First Internet Bancorp by 1.3% in the third quarter. Bridgeway Capital Management LLC now owns 44,217 shares of the bank's stock worth $992,000 after purchasing an additional 584 shares in the last quarter. GSA Capital Partners LLP grew its position in First Internet Bancorp by 1.5% during the fourth quarter. GSA Capital Partners LLP now owns 48,200 shares of the bank's stock valued at $1,006,000 after purchasing an additional 691 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in First Internet Bancorp by 19.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,024 shares of the bank's stock valued at $126,000 after buying an additional 1,000 shares during the period. Empowered Funds LLC lifted its position in First Internet Bancorp by 7.1% in the 4th quarter. Empowered Funds LLC now owns 15,329 shares of the bank's stock worth $320,000 after buying an additional 1,012 shares in the last quarter. Finally, Man Group plc boosted its stake in shares of First Internet Bancorp by 5.1% during the 3rd quarter. Man Group plc now owns 21,818 shares of the bank's stock valued at $489,000 after buying an additional 1,053 shares during the period. Institutional investors and hedge funds own 65.46% of the company's stock.
First Internet Bancorp Company Profile
(
Get Free Report)
First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.
The company's core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).
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