First Internet Bancorp (NASDAQ:INBK) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of First Internet Bancorp (NASDAQ:INBK) have been assigned an average recommendation of “Moderate Buy” from the four analysts that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $42.88.

INBK has been the topic of a number of recent research reports. Keefe, Bruyette & Woods upped their target price on shares of First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Craig Hallum upped their price target on shares of First Internet Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Hovde Group upped their price target on shares of First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, Piper Sandler upped their price target on shares of First Internet Bancorp from $30.00 to $40.50 and gave the stock a “neutral” rating in a research note on Monday, July 29th.

Hedge Funds Weigh In On First Internet Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Valeo Financial Advisors LLC lifted its stake in First Internet Bancorp by 2.6% during the 2nd quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock valued at $648,000 after acquiring an additional 606 shares during the period. LSV Asset Management lifted its stake in First Internet Bancorp by 2.1% during the 2nd quarter. LSV Asset Management now owns 39,200 shares of the bank’s stock valued at $1,059,000 after acquiring an additional 800 shares during the period. ClariVest Asset Management LLC lifted its stake in First Internet Bancorp by 2.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 50,243 shares of the bank’s stock valued at $1,358,000 after acquiring an additional 1,404 shares during the period. Victory Capital Management Inc. lifted its stake in First Internet Bancorp by 9.6% during the 2nd quarter. Victory Capital Management Inc. now owns 28,500 shares of the bank’s stock valued at $770,000 after acquiring an additional 2,500 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of First Internet Bancorp by 3.4% in the 2nd quarter. American Century Companies Inc. now owns 86,239 shares of the bank’s stock worth $2,330,000 after purchasing an additional 2,857 shares during the period. Institutional investors own 65.46% of the company’s stock.

First Internet Bancorp Stock Down 1.0 %

NASDAQ:INBK opened at $35.38 on Monday. The firm’s 50-day moving average price is $34.78 and its 200-day moving average price is $31.98. The company has a market capitalization of $306.25 million, a PE ratio of 18.62 and a beta of 0.66. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.02 and a quick ratio of 1.01. First Internet Bancorp has a 1-year low of $14.11 and a 1-year high of $39.46.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Wednesday, July 24th. The bank reported $0.72 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.72. The firm had revenue of $81.99 million for the quarter, compared to the consensus estimate of $30.55 million. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.23%. During the same period in the prior year, the firm earned $0.44 EPS. On average, equities analysts predict that First Internet Bancorp will post 3 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend is Monday, September 30th. First Internet Bancorp’s dividend payout ratio is currently 12.63%.

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.