First Internet Bancorp (NASDAQ:INBK) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

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

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

First Internet Bancorp Stock Performance

Shares of NASDAQ INBK opened at $30.71 on Friday. The stock has a market capitalization of $265.95 million, a P/E ratio of 16.16 and a beta of 0.72. 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 firm’s 50-day moving average price is $32.28 and its two-hundred day moving average price is $26.06.

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

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 given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend was Wednesday, March 27th. First Internet Bancorp’s dividend payout ratio (DPR) is currently 12.63%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in INBK. Patriot Financial Partners GP LP increased its stake in First Internet Bancorp by 1.9% during the third quarter. Patriot Financial Partners GP LP now owns 155,482 shares of the bank’s stock valued at $2,520,000 after acquiring an additional 2,958 shares during the period. Brandywine Global Investment Management LLC grew its holdings in shares of First Internet Bancorp by 1.9% during the 3rd quarter. Brandywine Global Investment Management LLC now owns 154,435 shares of the bank’s stock worth $2,503,000 after purchasing an additional 2,900 shares in the last quarter. Ancora Advisors LLC grew its holdings in shares of First Internet Bancorp by 41.7% during the 3rd quarter. Ancora Advisors LLC now owns 152,509 shares of the bank’s stock worth $2,472,000 after purchasing an additional 44,895 shares in the last quarter. Sapient Capital LLC bought a new stake in shares of First Internet Bancorp during the fourth quarter valued at approximately $3,495,000. Finally, Acuitas Investments LLC acquired a new position in shares of First Internet Bancorp in the fourth quarter valued at $1,940,000. Institutional investors and hedge funds 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.