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 issued on Wednesday.

Other equities research analysts have also issued research reports about the stock. Piper Sandler dropped their price objective on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a research report on Monday, January 27th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $40.00 price objective (down previously from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $41.75.

First Internet Bancorp Stock Performance

Shares of INBK stock opened at $27.56 on Wednesday. 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 quick ratio of 0.98 and a current ratio of 0.99. The company has a 50 day moving average price of $31.32 and a 200 day moving average price of $34.97. The firm has a market capitalization of $239.69 million, a price-to-earnings ratio of 9.54 and a beta of 0.72.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 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%. Sell-side analysts anticipate that First Internet Bancorp will post 4.11 EPS for the current year.

First Internet Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.06 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.24 annualized dividend and a dividend yield of 0.87%. First Internet Bancorp’s dividend payout ratio (DPR) is presently 8.30%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. R Squared Ltd bought a new position in First Internet Bancorp during the 4th quarter valued at $33,000. Wells Fargo & Company MN boosted its stake in First Internet Bancorp by 35.0% during the 4th 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% during the 3rd 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 boosted its stake in 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 last quarter. Finally, XTX Topco Ltd bought a new position in First Internet Bancorp during the 3rd quarter valued at $201,000. 65.46% of the stock is currently 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.