Keefe, Bruyette & Woods Issues Pessimistic Forecast for First Internet Bancorp (NASDAQ:INBK) Stock Price

First Internet Bancorp (NASDAQ:INBK) had its target price trimmed by Keefe, Bruyette & Woods from $35.00 to $30.00 in a report released on Tuesday morning,Benzinga reports. The firm currently has a market perform rating on the bank’s stock.

A number of other brokerages have also weighed in on INBK. Hovde Group cut their price objective on First Internet Bancorp from $39.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. StockNews.com downgraded shares of First Internet Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, March 27th. Finally, Piper Sandler decreased their price objective on shares of First Internet Bancorp from $32.00 to $24.00 and set a “neutral” rating for the company in a research note on Monday. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $31.75.

First Internet Bancorp Stock Down 0.2 %

INBK stock opened at $21.21 on Tuesday. The stock has a market capitalization of $184.46 million, a PE ratio of 7.34 and a beta of 0.52. First Internet Bancorp has a 52 week low of $19.54 and a 52 week high of $43.26. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. The firm has a 50 day moving average of $25.66 and a 200 day moving average of $32.84.

First Internet Bancorp (NASDAQ:INBK) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.11 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.64). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. The company had revenue of $76.83 million for the quarter, compared to analyst estimates of $26.73 million. Sell-side analysts forecast that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.06 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.13%. First Internet Bancorp’s payout ratio is 9.96%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. R Squared Ltd acquired a new stake in shares of First Internet Bancorp during the 4th quarter worth approximately $33,000. Wells Fargo & Company MN boosted its holdings in First Internet Bancorp by 35.0% during the fourth quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank’s stock worth $158,000 after buying an additional 1,137 shares in the last quarter. SG Americas Securities LLC grew its position in First Internet Bancorp by 22.5% during the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock valued at $186,000 after buying an additional 953 shares during the period. Jane Street Group LLC purchased a new position in First Internet Bancorp in the third quarter valued at $203,000. Finally, GAMMA Investing LLC raised its position in shares of First Internet Bancorp by 52,791.7% in the first quarter. GAMMA Investing LLC now owns 6,347 shares of the bank’s stock worth $170,000 after acquiring an additional 6,335 shares during the period. 65.46% of the stock is owned by institutional investors and hedge funds.

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.