First Internet Bancorp (NASDAQ:INBK) Price Target Raised to $42.00 at Keefe, Bruyette & Woods

First Internet Bancorp (NASDAQ:INBK) had its price objective boosted by Keefe, Bruyette & Woods from $36.00 to $42.00 in a report released on Friday morning, Benzinga reports. The firm currently has a market perform rating on the bank’s stock.

A number of other analysts have also recently commented on INBK. Piper Sandler cut their price objective on First Internet Bancorp from $35.00 to $34.00 and set a neutral rating for the company in a research report on Monday, April 29th. Hovde Group lifted their target price on shares of First Internet Bancorp from $38.00 to $44.00 and gave the company an outperform rating in a research report on Friday. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $42.88.

First Internet Bancorp Price Performance

NASDAQ:INBK opened at $37.67 on Friday. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.02 and a quick ratio of 1.02. The company has a 50 day moving average price of $29.81 and a 200-day moving average price of $30.88. First Internet Bancorp has a 1-year low of $14.11 and a 1-year high of $39.46. The firm has a market cap of $326.22 million, a price-to-earnings ratio of 19.83 and a beta of 0.68.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $0.72 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.72. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.27%. The company had revenue of $81.99 million during the quarter, compared to analysts’ expectations of $30.55 million. During the same quarter in the previous year, the company earned $0.44 earnings per share. Equities research analysts forecast that First Internet Bancorp will post 3.1 EPS for the current year.

First Internet Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.24 dividend on an annualized basis and a yield of 0.64%. First Internet Bancorp’s payout ratio is 12.63%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in INBK. Valeo Financial Advisors LLC lifted its position in First Internet Bancorp by 2.6% during the second quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock worth $648,000 after buying an additional 606 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of First Internet Bancorp by 27.5% in the third quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock valued at $195,000 after purchasing an additional 2,592 shares during the period. Quadrature Capital Ltd raised its stake in First Internet Bancorp by 33.0% during the fourth quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock worth $1,142,000 after purchasing an additional 11,707 shares during the period. Ancora Advisors LLC boosted its holdings in First Internet Bancorp by 7.0% in the 1st quarter. Ancora Advisors LLC now owns 216,712 shares of the bank’s stock valued at $7,529,000 after purchasing an additional 14,190 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of First Internet Bancorp by 149.9% in the 2nd 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 period. 65.46% of the stock is currently owned by institutional investors and hedge funds.

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.