First Internet Bancorp (NASDAQ:INBK) Cut to “Hold” at StockNews.com

StockNews.com cut shares of First Internet Bancorp (NASDAQ:INBK) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

Other equities analysts have also recently issued research reports about the stock. Piper Sandler decreased their price target 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 reiterated a “market perform” rating and issued a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, First Internet Bancorp has a consensus rating of “Hold” and an average price target of $41.75.

First Internet Bancorp Stock Down 1.3 %

Shares of NASDAQ INBK opened at $26.20 on Tuesday. The company has a market capitalization of $227.10 million, a P/E ratio of 9.07 and a beta of 0.72. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The company has a 50 day simple moving average of $32.08 and a 200-day simple moving average of $35.32. First Internet Bancorp has a 1 year low of $24.18 and a 1 year high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last posted its earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share (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%. On average, equities research analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date of this dividend was Tuesday, December 31st. First Internet Bancorp’s dividend payout ratio is presently 8.30%.

Institutional Trading of First Internet Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Two Sigma Advisers LP raised its position in shares of First Internet Bancorp by 5.2% during the 4th quarter. Two Sigma Advisers LP now owns 26,200 shares of the bank’s stock worth $943,000 after acquiring an additional 1,300 shares in the last quarter. Man Group plc raised its holdings in First Internet Bancorp by 28.9% during the fourth quarter. Man Group plc now owns 17,430 shares of the bank’s stock worth $627,000 after purchasing an additional 3,911 shares in the last quarter. Deutsche Bank AG lifted its position in shares of First Internet Bancorp by 4.5% during the 4th quarter. Deutsche Bank AG now owns 7,789 shares of the bank’s stock worth $280,000 after buying an additional 335 shares during the last quarter. Bridgeway Capital Management LLC boosted its holdings in shares of First Internet Bancorp by 27.7% in the 4th quarter. Bridgeway Capital Management LLC now owns 29,242 shares of the bank’s stock valued at $1,052,000 after buying an additional 6,342 shares in the last quarter. Finally, Bank of America Corp DE grew its position in shares of First Internet Bancorp by 3.5% in the 4th quarter. Bank of America Corp DE now owns 20,800 shares of the bank’s stock valued at $749,000 after buying an additional 707 shares during the last quarter. 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.