First Internet Bancorp (NASDAQ:INBK) Lowered to “Hold” Rating by StockNews.com

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

INBK has been the topic of several other research reports. Piper Sandler decreased their price target on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a research note on Monday, January 27th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $40.00 price target (down previously from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, First Internet Bancorp has a consensus rating of “Hold” and a consensus price target of $41.75.

First Internet Bancorp Price Performance

First Internet Bancorp stock opened at $26.31 on Tuesday. The stock’s fifty day moving average price is $32.45 and its two-hundred day moving average price is $35.45. First Internet Bancorp has a one year low of $24.18 and a one year high of $43.26. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The firm has a market cap of $228.06 million, a PE ratio of 9.10 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 analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. As a group, research analysts expect that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.91%. The ex-dividend date of this dividend was Tuesday, December 31st. First Internet Bancorp’s dividend payout ratio (DPR) is 8.30%.

Institutional Investors Weigh In On First Internet Bancorp

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

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.