First Internet Bancorp (NASDAQ:INBK) Given New $38.00 Price Target at Hovde Group

First Internet Bancorp (NASDAQ:INBK) had its target price decreased by Hovde Group from $38.50 to $38.00 in a research report released on Friday morning, MarketBeat reports. Hovde Group currently has an outperform rating on the bank’s stock.

A number of other equities research analysts also recently weighed in on INBK. StockNews.com raised First Internet Bancorp from a sell rating to a hold rating in a report on Friday, January 5th. Keefe, Bruyette & Woods raised their target price on First Internet Bancorp from $29.00 to $34.00 and gave the company a market perform rating in a report on Friday, January 26th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $31.75.

First Internet Bancorp Price Performance

First Internet Bancorp stock opened at $31.05 on Friday. The stock’s fifty day moving average price is $32.23 and its two-hundred day moving average price is $26.15. First Internet Bancorp has a one year low of $9.68 and a one year high of $35.72. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $268.89 million, a PE ratio of 16.34 and a beta of 0.72.

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, beating analysts’ consensus estimates of $0.24 by $0.24. The firm had revenue of $27.21 million for the quarter, compared to the consensus estimate 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, research analysts expect that First Internet Bancorp will post 3.01 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

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 annualized dividend and a yield of 0.77%. The ex-dividend date of this dividend was Wednesday, March 27th. First Internet Bancorp’s dividend payout ratio is currently 12.63%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio raised its position in 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 last quarter. Barclays PLC raised its position in 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 purchasing an additional 4,543 shares during the last quarter. Citigroup Inc. raised its position in 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 purchasing an additional 26,516 shares during the last quarter. Quadrature Capital Ltd raised its position in 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 purchasing an additional 10,916 shares during the last quarter. Finally, Denali Advisors LLC raised its position 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 worth $648,000 after acquiring an additional 19,800 shares in the last quarter. 65.46% of the stock is owned by institutional investors.

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.