Brokerages Set First Internet Bancorp (NASDAQ:INBK) PT at $31.25

Shares of First Internet Bancorp (NASDAQ:INBK) have been assigned an average recommendation of “Moderate Buy” from the four ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two research 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 brokerages that have issued ratings on the stock in the last year is $31.75.

Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $36.00 target price (up from $34.00) on shares of First Internet Bancorp in a research note on Friday. Hovde Group decreased their target price on shares of First Internet Bancorp from $38.50 to $38.00 and set an “outperform” rating for the company in a research note on Friday. Finally, StockNews.com upgraded shares of First Internet Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 5th.

Hedge Funds Weigh In On First Internet Bancorp

A number of large investors have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd raised its position in First Internet Bancorp by 33.0% during the fourth quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock worth $1,142,000 after acquiring an additional 11,707 shares during the period. Sapient Capital LLC acquired a new position in First Internet Bancorp during the fourth quarter worth $3,495,000. Acuitas Investments LLC acquired a new position in First Internet Bancorp during the fourth quarter worth $1,940,000. Public Employees Retirement System of Ohio raised its position in First Internet Bancorp by 27.5% during the third quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock worth $195,000 after acquiring an additional 2,592 shares during the period. Finally, Citigroup Inc. grew its holdings in shares of First Internet Bancorp by 101,984.6% during the third quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock worth $430,000 after buying an additional 26,516 shares in the last quarter. 65.46% of the stock is currently owned by institutional investors and hedge funds.

First Internet Bancorp Stock Up 1.1 %

INBK stock opened at $31.05 on Friday. The firm’s fifty day simple moving average is $32.23 and its 200-day simple moving average is $26.28. The company has a market capitalization of $268.89 million, a P/E ratio of 16.34 and a beta of 0.72. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.04 and a quick ratio of 1.04. First Internet Bancorp has a 12 month low of $9.68 and a 12 month high of $35.72.

First Internet Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date was Wednesday, March 27th. First Internet Bancorp’s dividend payout ratio is presently 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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.