First Internet Bancorp (NASDAQ:INBK) Upgraded to “Buy” at StockNews.com

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

Several other equities research analysts also recently weighed in on INBK. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $40.00 price target (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 for the company in a research report on Monday, January 27th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $41.75.

First Internet Bancorp Price Performance

Shares of NASDAQ:INBK opened at $28.63 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. First Internet Bancorp has a one year low of $24.18 and a one year high of $43.26. The company has a 50-day simple moving average of $33.18 and a 200-day simple moving average of $35.63. The stock has a market capitalization of $248.16 million, a price-to-earnings ratio of 9.91 and a beta of 0.72.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 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%. On average, analysts predict 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. Stockholders of record on Tuesday, December 31st were issued a $0.06 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $0.24 annualized dividend and a dividend yield of 0.84%. First Internet Bancorp’s dividend payout ratio is currently 8.30%.

Institutional Trading of First Internet Bancorp

Institutional investors have recently modified their holdings of the business. R Squared Ltd purchased a new position in First Internet Bancorp in the fourth quarter worth $33,000. Wells Fargo & Company MN increased its holdings in shares of First Internet Bancorp by 35.0% in the 4th quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock valued at $158,000 after purchasing an additional 1,137 shares in the last quarter. MetLife Investment Management LLC lifted its stake 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 purchasing an additional 2,669 shares during the period. SG Americas Securities LLC boosted its holdings in First Internet Bancorp by 22.5% during the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock worth $186,000 after buying an additional 953 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in First Internet Bancorp during the third quarter worth about $201,000. 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.