First Internet Bancorp (NASDAQ:INBK) Stock Rating Lowered by StockNews.com

StockNews.com lowered shares of First Internet Bancorp (NASDAQ:INBK - Free Report) from a buy rating to a hold rating in a research note released on Thursday.

Other research analysts have also issued research reports about the company. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $40.00 price target (down previously from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Piper Sandler dropped their target price on First Internet Bancorp from $42.50 to $38.00 and set a "neutral" rating for the company in a report on Monday, January 27th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $41.75.

First Internet Bancorp Price Performance

Shares of NASDAQ INBK traded down $0.81 during midday trading on Thursday, reaching $25.97. 41,085 shares of the stock traded hands, compared to its average volume of 43,488. The company's 50 day moving average is $30.59 and its 200 day moving average is $34.74. First Internet Bancorp has a one year low of $24.18 and a one year high of $43.26. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. The stock has a market capitalization of $225.86 million, a PE ratio of 8.99 and a beta of 0.72.

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First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.41 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.51). First Internet Bancorp had a net margin of 7.45% and a return on equity of 5.86%. On average, equities research analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.06 per share. The ex-dividend date is Monday, March 31st. This represents a $0.24 annualized dividend and a yield of 0.92%. First Internet Bancorp's payout ratio is 8.30%.

Institutional Trading of First Internet Bancorp

Several institutional investors have recently added to or reduced their stakes in the company. R Squared Ltd bought a new position in shares of First Internet Bancorp during the fourth quarter valued at approximately $33,000. Wells Fargo & Company MN boosted its holdings in First Internet Bancorp by 35.0% during the 4th quarter. Wells Fargo & Company MN now owns 4,381 shares of the bank's stock valued at $158,000 after acquiring an additional 1,137 shares during the period. MetLife Investment Management LLC boosted its holdings in First Internet Bancorp by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank's stock valued at $162,000 after acquiring an additional 2,669 shares during the period. SG Americas Securities LLC grew its position in First Internet Bancorp by 22.5% in the 4th quarter. SG Americas Securities LLC now owns 5,181 shares of the bank's stock valued at $186,000 after acquiring an additional 953 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in First Internet Bancorp in the third quarter worth $201,000. Institutional investors own 65.46% of the company's stock.

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.