First Internet Bancorp’s (INBK) “Market Perform” Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their market perform rating on shares of First Internet Bancorp (NASDAQ:INBK) in a research note released on Friday morning, Benzinga reports. They currently have a $36.00 target price on the bank’s stock, up from their prior target price of $34.00.

A number of other research firms also recently weighed in on INBK. StockNews.com raised First Internet Bancorp from a sell rating to a hold rating in a report on Friday, January 5th. Hovde Group decreased their price objective on First Internet Bancorp from $38.50 to $38.00 and set an outperform rating on the stock in a report on Friday. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $31.75.

First Internet Bancorp Trading Up 1.1 %

Shares of INBK opened at $31.05 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98. The stock’s 50-day moving average price is $32.23 and its 200 day moving average price is $26.28. The firm has a market capitalization of $268.89 million, a price-to-earnings ratio of 16.34 and a beta of 0.72. First Internet Bancorp has a 12-month low of $9.68 and a 12-month high of $35.72.

First Internet Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.77%. The ex-dividend date of this dividend was Wednesday, March 27th. First Internet Bancorp’s dividend payout ratio (DPR) is presently 12.63%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of INBK. Public Employees Retirement System of Ohio raised its position in shares of First Internet Bancorp by 27.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock valued at $195,000 after acquiring an additional 2,592 shares during the last quarter. Barclays PLC raised its position in shares of First Internet Bancorp by 42.1% during the 3rd quarter. Barclays PLC now owns 15,342 shares of the bank’s stock valued at $249,000 after acquiring an additional 4,543 shares during the last quarter. Citigroup Inc. raised its position in shares of First Internet Bancorp by 101,984.6% during the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock valued at $430,000 after acquiring an additional 26,516 shares during the last quarter. Quadrature Capital Ltd raised its position in shares of First Internet Bancorp by 44.4% during the 3rd quarter. Quadrature Capital Ltd now owns 35,502 shares of the bank’s stock valued at $569,000 after acquiring an additional 10,916 shares during the last quarter. Finally, Denali Advisors LLC raised its position in shares of First Internet Bancorp by 98.0% during the 3rd quarter. Denali Advisors LLC now owns 40,000 shares of the bank’s stock valued at $648,000 after acquiring an additional 19,800 shares during the last quarter. Institutional investors own 65.46% of the company’s stock.

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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.