First Internet Bancorp (NASDAQ:INBK) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of First Internet Bancorp (NASDAQ:INBK) from a hold rating to a buy rating in a report published on Monday morning.

INBK has been the subject of a number of other reports. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $40.00 price objective (down from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Piper Sandler cut their price objective on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $41.75.

First Internet Bancorp Stock Up 1.1 %

Shares of NASDAQ:INBK opened at $30.01 on Monday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The company’s fifty day moving average is $33.52 and its two-hundred day moving average is $35.72. First Internet Bancorp has a 1-year low of $24.18 and a 1-year high of $43.26. The stock has a market capitalization of $260.13 million, a price-to-earnings ratio of 10.38 and a beta of 0.73.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. Equities analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.80%. The ex-dividend date of this dividend was Tuesday, December 31st. First Internet Bancorp’s dividend payout ratio (DPR) is presently 8.30%.

Hedge Funds Weigh In On First Internet Bancorp

Several large investors have recently made changes to their positions in the business. R Squared Ltd bought a new stake in shares of First Internet Bancorp in the 4th quarter worth approximately $33,000. Wells Fargo & Company MN grew its position in First Internet Bancorp by 35.0% in the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock worth $158,000 after buying an additional 1,137 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of First Internet Bancorp by 129.1% in the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after buying an additional 2,669 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of First Internet Bancorp by 22.5% during the 4th quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock valued at $186,000 after acquiring an additional 953 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of First Internet Bancorp in the 3rd quarter worth $201,000. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Company Profile

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.