First Internet Bancorp (NASDAQ:INBK) Receives $42.88 Average Target Price from Brokerages

First Internet Bancorp (NASDAQ:INBK) has earned an average rating of “Moderate Buy” from the four analysts that are currently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $42.88.

A number of brokerages have recently commented on INBK. Keefe, Bruyette & Woods upped their price target on First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a research report on Friday, July 26th. Hovde Group increased their target price on shares of First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Craig Hallum boosted their price target on shares of First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Piper Sandler raised their price objective on shares of First Internet Bancorp from $30.00 to $40.50 and gave the stock a “neutral” rating in a report on Monday, July 29th.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Ancora Advisors LLC raised its position in shares of First Internet Bancorp by 7.0% in the first quarter. Ancora Advisors LLC now owns 216,712 shares of the bank’s stock worth $7,529,000 after buying an additional 14,190 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of First Internet Bancorp by 50.9% during the 2nd quarter. Acadian Asset Management LLC now owns 147,275 shares of the bank’s stock valued at $3,978,000 after acquiring an additional 49,675 shares during the last quarter. Sapient Capital LLC purchased a new position in shares of First Internet Bancorp during the fourth quarter worth about $3,495,000. Foundry Partners LLC raised its stake in First Internet Bancorp by 15.0% in the second quarter. Foundry Partners LLC now owns 111,850 shares of the bank’s stock valued at $3,022,000 after purchasing an additional 14,605 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in First Internet Bancorp by 3.4% during the second quarter. American Century Companies Inc. now owns 86,239 shares of the bank’s stock valued at $2,330,000 after purchasing an additional 2,857 shares during the last quarter. 65.46% of the stock is owned by institutional investors.

First Internet Bancorp Stock Performance

NASDAQ INBK opened at $32.70 on Friday. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market capitalization of $283.05 million, a PE ratio of 17.07 and a beta of 0.68. First Internet Bancorp has a 52-week low of $14.11 and a 52-week high of $39.46. The company has a 50-day simple moving average of $30.39 and a 200 day simple moving average of $31.29.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $0.72 EPS for the quarter, hitting analysts’ consensus estimates of $0.72. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.27%. The company had revenue of $81.99 million for the quarter, compared to analysts’ expectations of $30.55 million. During the same quarter in the previous year, the firm posted $0.44 EPS. On average, research analysts predict that First Internet Bancorp will post 3.02 EPS for the current year.

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date was Friday, June 28th. First Internet Bancorp’s payout ratio is 12.63%.

About First Internet Bancorp

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.