First Internet Bancorp (NASDAQ:INBK) Cut to Hold at StockNews.com

StockNews.com downgraded shares of First Internet Bancorp (NASDAQ:INBK) from a buy rating to a hold rating in a research report sent to investors on Thursday.

A number of other equities analysts also recently issued reports on the company. Piper Sandler lowered their price objective on 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. Keefe, Bruyette & Woods restated a “market perform” rating and set a $40.00 price target (down previously from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, First Internet Bancorp has a consensus rating of “Hold” and a consensus target price of $41.75.

First Internet Bancorp Price Performance

Shares of NASDAQ INBK opened at $25.97 on Thursday. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. First Internet Bancorp has a twelve month low of $24.18 and a twelve month high of $43.26. The business’s 50 day moving average price is $30.59 and its two-hundred day moving average price is $34.72. The company has a market cap of $225.86 million, a PE ratio of 8.99 and a beta of 0.72.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. On average, analysts predict that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.06 per share. The ex-dividend date is Monday, March 31st. This represents a $0.24 annualized dividend and a dividend yield of 0.92%. First Internet Bancorp’s payout ratio is 8.30%.

Institutional Investors Weigh In On First Internet Bancorp

Hedge funds have recently added to or reduced their stakes in the business. Deutsche Bank AG grew its position in shares of First Internet Bancorp by 4.5% during the 4th quarter. Deutsche Bank AG now owns 7,789 shares of the bank’s stock worth $280,000 after buying an additional 335 shares during the period. Sei Investments Co. boosted its stake in First Internet Bancorp by 2.8% during the fourth quarter. Sei Investments Co. now owns 13,045 shares of the bank’s stock worth $470,000 after acquiring an additional 360 shares in the last quarter. Ancora Advisors LLC grew its holdings in First Internet Bancorp by 0.5% in the fourth quarter. Ancora Advisors LLC now owns 130,767 shares of the bank’s stock worth $4,706,000 after purchasing an additional 700 shares during the period. Bank of America Corp DE increased its stake in First Internet Bancorp by 3.5% in the fourth quarter. Bank of America Corp DE now owns 20,800 shares of the bank’s stock valued at $749,000 after purchasing an additional 707 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in First Internet Bancorp by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,505 shares of the bank’s stock valued at $846,000 after purchasing an additional 841 shares in the last quarter. 65.46% of the stock is currently owned by 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.