First Internet Bancorp (NASDAQ:INBK) Upgraded by StockNews.com to Buy Rating

StockNews.com upgraded shares of First Internet Bancorp (NASDAQ:INBK) from a hold rating to a buy rating in a research report report published on Monday morning.

INBK has been the subject of several other research reports. Piper Sandler lowered their price objective on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating for the company in a research note on Monday, January 27th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $41.75.

First Internet Bancorp Trading Up 1.1 %

Shares of INBK stock opened at $30.01 on Monday. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The stock has a market cap of $260.13 million, a price-to-earnings ratio of 10.38 and a beta of 0.73. The company’s 50-day moving average price is $33.52 and its 200-day moving average price is $35.72. First Internet Bancorp has a twelve month low of $24.18 and a twelve month high of $43.26.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. As a group, equities analysts predict that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.80%. The ex-dividend date was Tuesday, December 31st. First Internet Bancorp’s payout ratio is 8.30%.

Institutional Trading of First Internet Bancorp

A number of institutional investors have recently added to or reduced their stakes in the stock. R Squared Ltd purchased a new position in shares of First Internet Bancorp in the fourth quarter valued at $33,000. Wells Fargo & Company MN grew its holdings in First Internet Bancorp by 35.0% in the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock valued at $158,000 after purchasing an additional 1,137 shares during the period. MetLife Investment Management LLC raised its position in shares of First Internet Bancorp by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock worth $162,000 after buying an additional 2,669 shares during the period. SG Americas Securities LLC grew its holdings in shares of First Internet Bancorp by 22.5% during the 4th quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock worth $186,000 after purchasing an additional 953 shares during the period. Finally, XTX Topco Ltd purchased a new position in shares of First Internet Bancorp in the 3rd quarter valued at $201,000. Hedge funds and other institutional investors 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, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.