First Internet Bancorp (NASDAQ:INBK) Receives Average Rating of “Moderate Buy” from Analysts

First Internet Bancorp (NASDAQ:INBK) has received an average rating of “Moderate Buy” from the four brokerages that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $31.25.

A number of equities research analysts have recently issued reports on INBK shares. Hovde Group cut their price objective on shares of First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a research report on Friday. StockNews.com upgraded First Internet Bancorp from a “sell” rating to a “hold” rating in a report on Friday, January 5th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of First Internet Bancorp from $29.00 to $34.00 and gave the stock a “market perform” rating in a report on Friday, January 26th.

First Internet Bancorp Price Performance

Shares of First Internet Bancorp stock opened at $30.71 on Friday. The company’s fifty day simple moving average is $32.28 and its two-hundred day simple moving average is $26.06. First Internet Bancorp has a 12-month low of $9.68 and a 12-month high of $35.72. 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 firm has a market cap of $265.95 million, a PE ratio of 16.16 and a beta of 0.72.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings results on Wednesday, January 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.24. First Internet Bancorp had a return on equity of 4.68% and a net margin of 5.84%. The firm had revenue of $27.21 million during the quarter, compared to analyst estimates of $24.50 million. As a group, equities analysts expect that First Internet Bancorp will post 3.01 EPS for the current year.

First Internet Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a $0.06 dividend. 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 currently 12.63%.

Hedge Funds Weigh In On First Internet Bancorp

Several institutional investors and hedge funds have recently modified their holdings of INBK. Denali Advisors LLC lifted its stake in shares of First Internet Bancorp by 98.0% in the 3rd quarter. Denali Advisors LLC now owns 40,000 shares of the bank’s stock valued at $648,000 after purchasing an additional 19,800 shares during the period. Barclays PLC boosted its stake 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 worth $249,000 after acquiring an additional 4,543 shares in the last quarter. Citigroup Inc. grew 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 period. Brandywine Global Investment Management LLC increased its stake in shares of First Internet Bancorp by 1.9% in the 3rd quarter. Brandywine Global Investment Management LLC now owns 154,435 shares of the bank’s stock valued at $2,503,000 after purchasing an additional 2,900 shares in the last quarter. Finally, Patriot Financial Partners GP LP raised its holdings in First Internet Bancorp by 1.9% in the 3rd quarter. Patriot Financial Partners GP LP now owns 155,482 shares of the bank’s stock worth $2,520,000 after purchasing an additional 2,958 shares during the period. Institutional investors and hedge funds 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.