First Internet Bancorp (NASDAQ:INBK) Receives $35.75 Consensus PT from Brokerages

First Internet Bancorp (NASDAQ:INBK) has been assigned an average rating of “Moderate Buy” from the four ratings firms that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $35.75.

Several brokerages recently issued reports on INBK. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $36.00 price target (up previously from $34.00) on shares of First Internet Bancorp in a report on Friday, April 26th. Piper Sandler lowered their target price on First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, April 29th. Finally, Hovde Group lowered their target price on First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th.

First Internet Bancorp Trading Down 1.9 %

NASDAQ:INBK opened at $30.66 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.85. The business’s 50 day moving average is $32.22 and its two-hundred day moving average is $28.17. First Internet Bancorp has a 52 week low of $11.55 and a 52 week high of $35.72. The company has a market cap of $265.52 million, a PE ratio of 16.14 and a beta of 0.73.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings results on Wednesday, April 24th. The bank reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.04. The business had revenue of $29.08 million for the quarter, compared to the consensus estimate of $28.60 million. First Internet Bancorp had a return on equity of 4.64% and a net margin of 5.84%. On average, analysts predict that First Internet Bancorp will post 3.1 EPS for the current year.

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.78%. The ex-dividend date was Wednesday, March 27th. First Internet Bancorp’s dividend payout ratio (DPR) is presently 12.63%.

Hedge Funds Weigh In On First Internet Bancorp

Several hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio boosted its position in shares of First Internet Bancorp by 27.5% in the third quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock worth $195,000 after buying an additional 2,592 shares during the period. Brandywine Global Investment Management LLC boosted its position in shares of First Internet Bancorp by 1.9% in the third quarter. Brandywine Global Investment Management LLC now owns 154,435 shares of the bank’s stock worth $2,503,000 after buying an additional 2,900 shares during the period. Patriot Financial Partners GP LP boosted its position in shares of First Internet Bancorp by 1.9% in the third quarter. Patriot Financial Partners GP LP now owns 155,482 shares of the bank’s stock worth $2,520,000 after buying an additional 2,958 shares during the period. Barclays PLC boosted its position in shares of First Internet Bancorp by 42.1% in the third quarter. Barclays PLC now owns 15,342 shares of the bank’s stock worth $249,000 after buying an additional 4,543 shares during the period. Finally, Quadrature Capital Ltd boosted its position in shares of First Internet Bancorp by 44.4% in the third quarter. Quadrature Capital Ltd now owns 35,502 shares of the bank’s stock worth $569,000 after buying an additional 10,916 shares during the period. 65.46% of the stock is currently owned by institutional investors and hedge funds.

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.