First Internet Bancorp (NASDAQ:INBK) Given Consensus Rating of “Moderate Buy” by Analysts

First Internet Bancorp (NASDAQ:INBK) has been given an average rating of “Moderate Buy” by the four research firms that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is $42.88.

Several brokerages recently weighed in on INBK. Craig Hallum increased their target price on First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods raised their target price on shares of First Internet Bancorp from $36.00 to $42.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. Hovde Group lifted 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 note on Friday, July 26th. Finally, Piper Sandler increased their price target on shares of First Internet Bancorp from $30.00 to $40.50 and gave the company a “neutral” rating in a research report on Monday, July 29th.

First Internet Bancorp Price Performance

Shares of First Internet Bancorp stock opened at $36.29 on Thursday. The business’s 50-day moving average price is $32.67 and its 200-day moving average price is $31.71. The firm has a market capitalization of $314.63 million, a PE ratio of 19.10 and a beta of 0.68. First Internet Bancorp has a 12 month low of $14.11 and a 12 month high of $39.46. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 1.83.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $0.72 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.72. First Internet Bancorp had a net margin of 6.12% and a return on equity of 5.23%. The company had revenue of $81.99 million during the quarter, compared to analysts’ expectations of $30.55 million. During the same quarter in the prior year, the company earned $0.44 EPS. Sell-side analysts forecast that First Internet Bancorp will post 3.02 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a dividend of $0.06 per share. The ex-dividend date was Friday, June 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.66%. First Internet Bancorp’s dividend payout ratio is presently 12.63%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in INBK. Thrivent Financial for Lutherans raised its stake in First Internet Bancorp by 189.9% in the second quarter. Thrivent Financial for Lutherans now owns 23,576 shares of the bank’s stock worth $637,000 after buying an additional 15,444 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of First Internet Bancorp by 219.0% in the 2nd quarter. Renaissance Technologies LLC now owns 25,200 shares of the bank’s stock valued at $681,000 after purchasing an additional 17,300 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of First Internet Bancorp by 9.4% during the second quarter. Dimensional Fund Advisors LP now owns 489,663 shares of the bank’s stock valued at $13,230,000 after purchasing an additional 42,227 shares in the last quarter. American Century Companies Inc. grew its stake in First Internet Bancorp by 3.4% in the second quarter. American Century Companies Inc. now owns 86,239 shares of the bank’s stock worth $2,330,000 after purchasing an additional 2,857 shares during the period. Finally, ClariVest Asset Management LLC grew its stake in First Internet Bancorp by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 50,243 shares of the bank’s stock worth $1,358,000 after purchasing an additional 1,404 shares during the period. 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.