First Internet Bancorp (NASDAQ:INBK) Given Consensus Recommendation of “Moderate Buy” by Brokerages

First Internet Bancorp (NASDAQ:INBK) has been given a consensus rating of “Moderate Buy” by the four analysts that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $42.88.

A number of equities research analysts have issued reports on INBK shares. Hovde Group raised their target price on First Internet Bancorp from $38.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Piper Sandler raised their price target on First Internet Bancorp from $30.00 to $40.50 and gave the company a “neutral” rating in a report on Monday, July 29th. Craig Hallum raised their price target on First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 26th. Finally, Keefe, Bruyette & Woods raised their price target on First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a report on Friday, July 26th.

First Internet Bancorp Stock Performance

INBK stock opened at $34.94 on Friday. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.01 and a current ratio of 1.02. The stock has a market capitalization of $302.44 million, a price-to-earnings ratio of 18.39 and a beta of 0.66. First Internet Bancorp has a 1 year low of $14.11 and a 1 year high of $39.46. The stock’s fifty day moving average is $34.74 and its two-hundred day moving average is $32.32.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.01). First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.23%. During the same period in the prior year, the firm earned $0.39 earnings per share. On average, research analysts predict that First Internet Bancorp will post 3 EPS for the current year.

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date was Monday, September 30th. First Internet Bancorp’s dividend payout ratio (DPR) is 12.63%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Valeo Financial Advisors LLC grew its holdings in First Internet Bancorp by 1.3% during the third quarter. Valeo Financial Advisors LLC now owns 24,278 shares of the bank’s stock worth $832,000 after acquiring an additional 311 shares during the period. SG Americas Securities LLC acquired a new position in First Internet Bancorp during the third quarter worth about $145,000. Thrivent Financial for Lutherans grew its holdings in First Internet Bancorp by 189.9% during the second quarter. Thrivent Financial for Lutherans now owns 23,576 shares of the bank’s stock worth $637,000 after acquiring an additional 15,444 shares during the period. Renaissance Technologies LLC grew its holdings in First Internet Bancorp by 219.0% during the second quarter. Renaissance Technologies LLC now owns 25,200 shares of the bank’s stock worth $681,000 after acquiring an additional 17,300 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in First Internet Bancorp by 9.4% during the second quarter. Dimensional Fund Advisors LP now owns 489,663 shares of the bank’s stock worth $13,230,000 after acquiring an additional 42,227 shares during the period. 65.46% of the stock is owned by institutional investors and hedge funds.

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.