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

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

INBK has been the subject of several other research reports. Keefe, Bruyette & Woods reiterated 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. Piper Sandler lowered their target price on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a report on Monday, January 27th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $41.75.

First Internet Bancorp Stock Down 3.0 %

First Internet Bancorp stock opened at $25.97 on Thursday. The firm has a market capitalization of $225.86 million, a price-to-earnings ratio of 8.99 and a beta of 0.72. The firm’s fifty day moving average price is $30.59 and its two-hundred day moving average price is $34.72. First Internet Bancorp has a 1-year low of $24.18 and a 1-year high of $43.26. 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 announced its quarterly earnings results 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 net margin of 7.45% and a return on equity of 5.86%. On average, equities research analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm 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 dividend on an annualized basis and a yield of 0.92%. First Internet Bancorp’s dividend payout ratio (DPR) is currently 8.30%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of INBK. R Squared Ltd bought a new stake in shares of First Internet Bancorp during the 4th quarter worth $33,000. Wells Fargo & Company MN boosted its stake in First Internet Bancorp by 35.0% in the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock valued at $158,000 after acquiring an additional 1,137 shares during the last quarter. MetLife Investment Management LLC boosted its stake in First Internet Bancorp by 129.1% in the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after acquiring an additional 2,669 shares during the last quarter. SG Americas Securities LLC grew its position in shares of First Internet Bancorp by 22.5% during the 4th quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock valued at $186,000 after acquiring an additional 953 shares during the period. Finally, XTX Topco Ltd purchased a new stake in shares of First Internet Bancorp during the 3rd quarter worth approximately $201,000. Institutional investors own 65.46% of the company’s stock.

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.