First Internet Bancorp (NASDAQ:INBK) Rating Reiterated by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods restated their market perform rating on shares of First Internet Bancorp (NASDAQ:INBK) in a report released on Friday, Benzinga reports. The firm currently has a $36.00 target price on the bank’s stock, up from their previous target price of $34.00.

Several other research firms also recently weighed in on INBK. Hovde Group dropped their price objective on First Internet Bancorp from $38.50 to $38.00 and set an outperform rating for the company in a research note on Friday. StockNews.com raised First Internet Bancorp from a sell rating to a hold rating in a research note on Friday, January 5th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, First Internet Bancorp presently has an average rating of Hold and a consensus price target of $35.75.

First Internet Bancorp Stock Performance

Shares of INBK opened at $31.06 on Friday. First Internet Bancorp has a 52-week low of $9.68 and a 52-week 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 company has a market capitalization of $268.98 million, a PE ratio of 16.35 and a beta of 0.72. The company has a 50-day simple moving average of $32.19 and a 200-day simple moving average of $26.37.

First Internet Bancorp Dividend Announcement

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio lifted its stake 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 worth $195,000 after purchasing an additional 2,592 shares during the period. Barclays PLC increased its holdings 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 buying an additional 4,543 shares during the last quarter. Citigroup Inc. increased its holdings 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 worth $430,000 after buying an additional 26,516 shares during the last quarter. Quadrature Capital Ltd increased its holdings 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 worth $569,000 after buying an additional 10,916 shares during the last quarter. Finally, Denali Advisors LLC increased its holdings 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 worth $648,000 after buying an additional 19,800 shares during the last quarter. Hedge funds and other 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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.