Brokerages Set First Internet Bancorp (NASDAQ:INBK) PT at $42.88

Shares of First Internet Bancorp (NASDAQ:INBK) have been assigned an average recommendation of “Moderate Buy” from the four research firms that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $42.88.

A number of brokerages have recently weighed in on INBK. Hovde Group lifted their price objective on First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Piper Sandler boosted 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. Craig Hallum increased 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 report on Friday, July 26th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a report on Friday, July 26th.

First Internet Bancorp Price Performance

Shares of INBK opened at $36.74 on Friday. The firm has a 50-day simple moving average of $34.64 and a two-hundred day simple moving average of $32.28. The stock has a market cap of $318.02 million, a PE ratio of 19.34 and a beta of 0.66. First Internet Bancorp has a 1-year low of $14.11 and a 1-year high of $39.46. 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 (NASDAQ:INBK) last posted its earnings results on Wednesday, July 24th. The bank reported $0.72 earnings per share for the quarter, meeting the consensus estimate of $0.72. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.23%. The firm had revenue of $81.99 million during the quarter, compared to the consensus estimate of $30.55 million. During the same quarter last year, the firm earned $0.44 EPS. As a group, analysts forecast that First Internet Bancorp will post 3 EPS for the current year.

First Internet Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.65%. The ex-dividend date of this dividend was Monday, September 30th. First Internet Bancorp’s payout ratio is presently 12.63%.

Institutional Trading of First Internet Bancorp

A number of large investors have recently made changes to their positions in INBK. Acadian Asset Management LLC grew its holdings in First Internet Bancorp by 263.2% during the 1st quarter. Acadian Asset Management LLC now owns 97,600 shares of the bank’s stock worth $3,389,000 after acquiring an additional 70,725 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of First Internet Bancorp by 9.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 489,663 shares of the bank’s stock worth $13,230,000 after purchasing an additional 42,227 shares during the last quarter. Foundry Partners LLC grew its stake in shares of First Internet Bancorp by 56.6% during the first quarter. Foundry Partners LLC now owns 97,245 shares of the bank’s stock worth $3,378,000 after purchasing an additional 35,140 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in First Internet Bancorp by 149.9% in the second quarter. Bank of New York Mellon Corp now owns 38,972 shares of the bank’s stock valued at $1,053,000 after buying an additional 23,376 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in First Internet Bancorp by 219.0% in the second quarter. Renaissance Technologies LLC now owns 25,200 shares of the bank’s stock valued at $681,000 after buying an additional 17,300 shares in the last quarter. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

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.