First Internet Bancorp (NASDAQ:INBK) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of First Internet Bancorp (NASDAQ:INBK - Free Report) from a hold rating to a buy rating in a report released on Wednesday morning.

Other equities analysts have also issued reports about the stock. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $40.00 price objective (down from $45.00) on shares of First Internet Bancorp in a research report on Friday, January 24th. Piper Sandler cut their price target on shares of First Internet Bancorp from $42.50 to $38.00 and set a "neutral" rating for the company in a report on Monday, January 27th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $41.75.

First Internet Bancorp Stock Performance

Shares of NASDAQ INBK traded down $0.25 during midday trading on Wednesday, hitting $27.56. The company's stock had a trading volume of 42,630 shares, compared to its average volume of 43,980. The firm has a market capitalization of $239.69 million, a price-to-earnings ratio of 9.54 and a beta of 0.72. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. The stock has a fifty day moving average price of $31.32 and a 200 day moving average price of $34.97. First Internet Bancorp has a one year low of $24.18 and a one year high of $43.26.

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First Internet Bancorp (NASDAQ:INBK - Get Free Report) last issued its earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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, research analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date of this dividend is Monday, March 31st. First Internet Bancorp's payout ratio is 8.30%.

Institutional Trading of First Internet Bancorp

A number of hedge funds have recently made changes to their positions in INBK. Two Sigma Advisers LP boosted its holdings in shares of First Internet Bancorp by 5.2% in the 4th quarter. Two Sigma Advisers LP now owns 26,200 shares of the bank's stock worth $943,000 after purchasing an additional 1,300 shares in the last quarter. Man Group plc boosted its stake in First Internet Bancorp by 28.9% in the fourth quarter. Man Group plc now owns 17,430 shares of the bank's stock worth $627,000 after buying an additional 3,911 shares in the last quarter. Deutsche Bank AG grew its position in First Internet Bancorp by 4.5% during the fourth quarter. Deutsche Bank AG now owns 7,789 shares of the bank's stock valued at $280,000 after acquiring an additional 335 shares during the last quarter. Bridgeway Capital Management LLC raised its stake in shares of First Internet Bancorp by 27.7% during the fourth quarter. Bridgeway Capital Management LLC now owns 29,242 shares of the bank's stock worth $1,052,000 after acquiring an additional 6,342 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of First Internet Bancorp by 3.5% in the 4th quarter. Bank of America Corp DE now owns 20,800 shares of the bank's stock worth $749,000 after acquiring an additional 707 shares during the last quarter. 65.46% of the stock is owned by institutional investors.

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.