First Internet Bancorp (INBK) Receives Average Rating of “Hold” from Analysts

Shares of First Internet Bancorp (NASDAQ:INBK) have been assigned a consensus recommendation of “Hold” from the eight ratings firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $44.33.

INBK has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $44.00 price objective on shares of First Internet Bancorp in a research report on Friday, October 20th. Zacks Investment Research raised First Internet Bancorp from a “sell” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Tuesday, November 21st. TheStreet raised First Internet Bancorp from a “c+” rating to a “b” rating in a research note on Thursday, November 16th. ValuEngine cut First Internet Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 13th. Finally, Maxim Group raised their target price on First Internet Bancorp from $37.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday, October 23rd.

First Internet Bancorp (INBK) opened at $37.45 on Thursday. First Internet Bancorp has a 1 year low of $25.48 and a 1 year high of $42.40. The company has a market capitalization of $314.99, a P/E ratio of 17.34 and a beta of 0.13. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.99 and a current ratio of 1.01.

First Internet Bancorp (NASDAQ:INBK) last announced its quarterly earnings data on Friday, January 19th. The bank reported $0.63 EPS for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.02. First Internet Bancorp had a return on equity of 9.45% and a net margin of 15.99%. The firm had revenue of $17.90 million for the quarter, compared to the consensus estimate of $19.00 million. analysts forecast that First Internet Bancorp will post 3.26 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were paid a dividend of $0.06 per share. The ex-dividend date was Thursday, December 28th. This represents a $0.24 annualized dividend and a yield of 0.64%. First Internet Bancorp’s dividend payout ratio (DPR) is 11.11%.

A number of hedge funds have recently bought and sold shares of INBK. Bank of New York Mellon Corp increased its stake in First Internet Bancorp by 12.7% during the second quarter. Bank of New York Mellon Corp now owns 30,694 shares of the bank’s stock worth $861,000 after acquiring an additional 3,461 shares during the last quarter. Teachers Advisors LLC increased its stake in First Internet Bancorp by 9.1% during the second quarter. Teachers Advisors LLC now owns 10,653 shares of the bank’s stock worth $299,000 after acquiring an additional 893 shares during the last quarter. Citigroup Inc. increased its stake in First Internet Bancorp by 3,143.3% during the second quarter. Citigroup Inc. now owns 4,119 shares of the bank’s stock worth $115,000 after acquiring an additional 3,992 shares during the last quarter. Northern Trust Corp increased its stake in First Internet Bancorp by 2.1% during the second quarter. Northern Trust Corp now owns 83,179 shares of the bank’s stock worth $2,333,000 after acquiring an additional 1,700 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in First Internet Bancorp by 1.1% during the second quarter. Vanguard Group Inc. now owns 255,203 shares of the bank’s stock worth $7,158,000 after acquiring an additional 2,760 shares during the last quarter. 64.00% of the stock is owned by institutional investors.

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About First Internet Bancorp

First Internet Bancorp is a bank holding company that conducts its business activities through its subsidiary, First Internet Bank of Indiana (the Bank). The Company offers a complement of products and services on a nationwide basis. The Company conducts its deposit operations primarily over the Internet.

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