Analysts Set First Internet Bancorp (NASDAQ:INBK) PT at $35.75

Shares of First Internet Bancorp (NASDAQ:INBK) have received a consensus recommendation of “Moderate Buy” from the four analysts that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $35.75.

A number of research analysts recently weighed in on INBK shares. Hovde Group dropped 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 report on Friday, April 26th. Piper Sandler dropped their price objective on shares of First Internet Bancorp from $35.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, April 29th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $36.00 price objective (up previously from $34.00) on shares of First Internet Bancorp in a report on Friday, April 26th.

First Internet Bancorp Price Performance

First Internet Bancorp stock opened at $31.21 on Wednesday. The company’s 50 day simple moving average is $29.00 and its 200-day simple moving average is $29.96. The company has a market capitalization of $270.28 million, a price-to-earnings ratio of 16.43 and a beta of 0.68. First Internet Bancorp has a 1 year low of $14.11 and a 1 year high of $35.72. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.02 and a current ratio of 1.02.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, April 24th. The bank reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. The business had revenue of $29.08 million for the quarter, compared to the consensus estimate of $28.60 million. First Internet Bancorp had a net margin of 5.84% and a return on equity of 4.64%. As a group, equities research analysts expect that First Internet Bancorp will post 3.1 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date is Friday, June 28th. First Internet Bancorp’s dividend payout ratio is presently 12.63%.

Institutional Investors Weigh In On First Internet Bancorp

Large investors have recently modified their holdings of the company. Valeo Financial Advisors LLC grew its position in shares of First Internet Bancorp by 2.6% in the 2nd quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock valued at $648,000 after buying an additional 606 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of First Internet Bancorp by 27.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock valued at $195,000 after buying an additional 2,592 shares during the last quarter. Quadrature Capital Ltd grew its position in shares of First Internet Bancorp by 33.0% in the 4th quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock valued at $1,142,000 after buying an additional 11,707 shares during the last quarter. Ancora Advisors LLC grew its position in shares of First Internet Bancorp by 7.0% in the 1st quarter. Ancora Advisors LLC now owns 216,712 shares of the bank’s stock valued at $7,529,000 after buying an additional 14,190 shares during the last quarter. Finally, Citigroup Inc. grew its position in shares of First Internet Bancorp by 101,984.6% in the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock valued at $430,000 after buying an additional 26,516 shares during the last quarter. 65.46% of the stock is owned by hedge funds and other 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, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.