First Internet Bancorp (NASDAQ:INBK) Upgraded at StockNews.com

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

A number of other equities research analysts also recently commented on INBK. Piper Sandler dropped their price objective on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $40.00 price objective (down from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $41.75.

First Internet Bancorp Trading Down 0.9 %

Shares of First Internet Bancorp stock opened at $27.56 on Wednesday. The firm has a 50-day simple moving average of $31.32 and a two-hundred day simple moving average of $34.97. The company has a market cap of $239.69 million, a P/E ratio of 9.54 and a beta of 0.72. First Internet Bancorp has a fifty-two week low of $24.18 and a fifty-two week high of $43.26. 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 (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%. As a group, equities analysts predict 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 disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend is Monday, March 31st. First Internet Bancorp’s payout ratio is currently 8.30%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Thrivent Financial for Lutherans lifted its stake in shares of First Internet Bancorp by 14.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 27,053 shares of the bank’s stock worth $926,000 after acquiring an additional 3,477 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of First Internet Bancorp in the 3rd quarter worth $469,000. Foundry Partners LLC lifted its stake in shares of First Internet Bancorp by 8.9% in the 3rd quarter. Foundry Partners LLC now owns 121,827 shares of the bank’s stock worth $4,174,000 after acquiring an additional 9,977 shares during the period. MetLife Investment Management LLC lifted its stake in shares of First Internet Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock worth $162,000 after acquiring an additional 2,669 shares during the period. Finally, State Street Corp lifted its stake in shares of First Internet Bancorp by 8.9% in the 3rd quarter. State Street Corp now owns 106,282 shares of the bank’s stock worth $3,648,000 after acquiring an additional 8,701 shares during the period. 65.46% of the stock is owned by hedge funds and other institutional investors.

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.