First Internet Bancorp (NASDAQ:INBK) Rating Lowered to “Hold” at StockNews.com

StockNews.com cut shares of First Internet Bancorp (NASDAQ:INBK) from a buy rating to a hold rating in a report issued on Thursday morning.

Several other research analysts have also recently commented on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $40.00 price target (down previously from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Piper Sandler decreased their price objective on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a research report on Monday, January 27th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $41.75.

First Internet Bancorp Trading Down 1.4 %

NASDAQ:INBK opened at $26.78 on Thursday. First Internet Bancorp has a 12-month low of $24.18 and a 12-month high of $43.26. The firm has a market cap of $232.91 million, a PE ratio of 9.27 and a beta of 0.72. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The stock has a fifty day moving average price of $30.78 and a 200 day moving average price of $34.77.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. Sell-side analysts anticipate 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 will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend is Monday, March 31st. First Internet Bancorp’s dividend payout ratio (DPR) is 8.30%.

Institutional Trading of First Internet Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new position in shares of First Internet Bancorp in the 4th quarter valued at $1,780,000. Patriot Financial Partners GP LP boosted its stake in First Internet Bancorp by 14.7% in the fourth quarter. Patriot Financial Partners GP LP now owns 373,482 shares of the bank’s stock valued at $13,442,000 after acquiring an additional 48,000 shares in the last quarter. Rhino Investment Partners Inc purchased a new position in shares of First Internet Bancorp during the fourth quarter worth about $965,000. Rangeley Capital LLC acquired a new stake in shares of First Internet Bancorp during the fourth quarter worth about $738,000. Finally, American Century Companies Inc. increased its position in shares of First Internet Bancorp by 19.9% during the fourth quarter. American Century Companies Inc. now owns 114,605 shares of the bank’s stock worth $4,125,000 after purchasing an additional 19,019 shares in the last quarter. Institutional investors and hedge funds own 65.46% of the company’s stock.

About First Internet Bancorp

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.