First Internet Bancorp (NASDAQ:INBK) Rating Increased 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 published on Wednesday.

INBK has been the topic of a number of other reports. Piper Sandler reduced their target price on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a report on Monday, January 27th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.75.

First Internet Bancorp Stock Performance

Shares of NASDAQ INBK opened at $28.00 on Wednesday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The company has a market cap of $243.52 million, a P/E ratio of 9.69 and a beta of 0.72. The firm’s fifty day moving average is $31.53 and its two-hundred day moving average is $35.09. First Internet Bancorp has a 52-week low of $24.18 and a 52-week high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.06 per share. The ex-dividend date is Monday, March 31st. This represents a $0.24 annualized dividend and a yield of 0.86%. First Internet Bancorp’s payout ratio is 8.30%.

Hedge Funds Weigh In On First Internet Bancorp

Several hedge funds have recently added to or reduced their stakes in INBK. R Squared Ltd bought a new position in First Internet Bancorp during the 4th quarter valued at about $33,000. Wells Fargo & Company MN boosted its position in 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 buying an additional 1,137 shares during the period. MetLife Investment Management LLC boosted its position in First Internet Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after buying an additional 2,669 shares during the period. SG Americas Securities LLC boosted its position in First Internet Bancorp by 22.5% in the 4th quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock valued at $186,000 after buying an additional 953 shares during the period. Finally, XTX Topco Ltd purchased a new stake in First Internet Bancorp in the 3rd quarter valued at about $201,000. 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.