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 report released on Monday morning.

Several other equities analysts have also recently commented on INBK. Keefe, Bruyette & Woods reissued 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 report on Friday, January 24th. Piper Sandler decreased their target price on First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a report on Monday, January 27th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $41.75.

First Internet Bancorp Price Performance

INBK opened at $28.63 on Monday. The stock’s 50-day moving average price is $33.18 and its 200 day moving average price is $35.63. First Internet Bancorp has a 12-month low of $24.18 and a 12-month high of $43.26. The firm has a market cap of $248.16 million, a price-to-earnings ratio of 9.91 and a beta of 0.72. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results 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 return on equity of 5.86% and a net margin of 7.45%. As a group, sell-side analysts expect that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.06 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.84%. First Internet Bancorp’s payout ratio is 8.30%.

Institutional Investors Weigh In On First Internet Bancorp

Several institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in First Internet Bancorp by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 509,661 shares of the bank’s stock valued at $18,343,000 after buying an additional 9,190 shares in the last quarter. Vanguard Group Inc. raised its position in shares of First Internet Bancorp by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 440,356 shares of the bank’s stock worth $15,848,000 after acquiring an additional 7,066 shares in the last quarter. Patriot Financial Partners GP LP lifted its stake in First Internet Bancorp by 14.7% during the fourth quarter. Patriot Financial Partners GP LP now owns 373,482 shares of the bank’s stock worth $13,442,000 after purchasing an additional 48,000 shares during the last quarter. Geode Capital Management LLC boosted its holdings in First Internet Bancorp by 2.0% in the third quarter. Geode Capital Management LLC now owns 201,641 shares of the bank’s stock valued at $6,909,000 after purchasing an additional 3,967 shares in the last quarter. Finally, Foundry Partners LLC increased its stake in First Internet Bancorp by 11.5% in the fourth quarter. Foundry Partners LLC now owns 135,834 shares of the bank’s stock valued at $4,889,000 after purchasing an additional 14,007 shares during the last quarter. 65.46% of the stock is owned by hedge funds and other institutional investors.

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.