April 13, 2023 – First Internet Bancorp (NASDAQ:INBK) has recently received a consensus rating of “Hold” from six rating firms actively covering the business. According to Bloomberg Reports, five investment analysts have recommended holding onto the shares. The average twelve-month price objective current among brokerage firms that have issued ratings on this stock over the past year is $31.75, indicating a marginal estimated growth potential.
Amidst discussion of the currently low recommendation trends for INBK stocks, the company recently announced its quarterly dividend payout scheduled to be paid out on April 17th, with investors of record on March 31st receiving $0.06 per share dividend pay-out. While it may appear meager compared to previous yields, notes suggest that such payouts are increasingly commonplace in today’s market and highlight stable returns over speculative alternatives.
Large investors seem equally intentional in retaining First Internet Bancorp holdings at present, with recent changes to their positions indicating modest additions to existing shares.
Rhumbline Advisers boosted its holdings in First Internet Bancorp by 3.2% during Q2 of last year and now owns 13,149 shares worth $484,000. During Q1 of last year, First Trust Advisors LP added an additional 447 shares valued at $216k to their existing holdings of the bank’s stock while Royal Bank of Canada bought an extra 556 First Internet Bancorp shares worth $316k during Q3 of last year; according to News Monitoring service reports.
Notably, Tower Research Capital LLC TRC appears particularly optimistic about future returns as they increased their position by over double what they already held during Q3 when they added an additional 758 INBK shares currently valued at $42k as per data presented above.
Further reports show that nearly three-quarters (70.72%) of INBK stock is owned by hedge funds and other institutional investors investing into the firm, suggesting a degree of confidence in the company’s future prospects.
To sum up, First Internet Bancorp appears to be maintaining steadiness in its prices and yields which may be attractive to long-term investors seeking reliability over sudden surges. While short-term gains might remain limited or non-existent, such positions present reasonable chances for potential profit over time.
First Internet Bancorp Trading and Financial Updates
First Internet Bancorp, a bank holding company that conducts its business through the First Internet Bank, opened trading today at $15.71 per share. The company has been the focus of recent reports by various brokerages including StockNews.com and Keefe, Bruyette & Woods. StockNews issued a “hold” rating on INBK while Keefe, Bruyette & Woods reduced their price objective for INBK from $30 to $27 and assigned a “market perform” rating for the company.
In March 2017, Director Ann C. Dee made two separate transactions in which she purchased 2,000 and 1,000 shares of First Internet Bancorp stock for prices of $17.26 and $27.43 per share respectively. These transactions increased her ownership of the company to over 7%.
The bank declared a quarterly dividend of $0.06 per share set to be paid out on April 17th to investors who were registered as shareholders on March 31st. This represents an annualized dividend payout ratio of 6.49% and a dividend yield of 1.53%.
First Internet Bancorp recently reported its quarterly earnings with EPS coming in at $0.68, down from analyst estimates of $0.73 per share on sales revenue of $27.48 million compared to consensus projections of $26.70 million.
At present, First Internet Bancorp has a market capitalization value of approximately $140 million with debt-to-equity ratio standing at around 1:9 and quick ratio standing firm at just under one fiscal year.
Looking ahead to fiscal year end results in December this year analysts are predicting projected EPS figures for the entire year being represented by way of target sell-side projections having previously estimated 2c the first quarter followed by expectations ranging from US$0.42 – US$0.56 for Q2 since mid-March onwards while paying close attention to strategic high growth areas where the company aims to expand and develop its existing client and investors portfolio alongside maintaining its current portfolio during periods of market volatility.