StockNews.com Downgrades First Internet Bancorp (NASDAQ:INBK) to Hold

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

Several other research firms have also recently weighed in on INBK. Keefe, Bruyette & Woods reissued 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 decreased their target price on shares of First Internet Bancorp from $42.50 to $38.00 and set a "neutral" rating on the stock in a research 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 company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $41.75.

First Internet Bancorp Stock Down 0.9 %

INBK traded down $0.25 during midday trading on Tuesday, hitting $26.31. 18,441 shares of the company's stock traded hands, compared to its average volume of 33,833. First Internet Bancorp has a one year low of $24.18 and a one year high of $43.26. The company has a market cap of $228.06 million, a PE ratio of 9.10 and a beta of 0.72. 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's fifty day simple moving average is $32.65 and its 200-day simple moving average is $35.52.

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First Internet Bancorp (NASDAQ:INBK - Get Free Report) last released 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%. As a group, equities analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.24 dividend on an annualized basis and a yield of 0.91%. First Internet Bancorp's payout ratio is 8.30%.

Institutional Trading of First Internet Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of First Internet Bancorp in the third quarter valued at about $469,000. Jane Street Group LLC acquired a new position in First Internet Bancorp during the third quarter worth approximately $203,000. First Merchants Corp acquired a new position in First Internet Bancorp during the fourth quarter worth approximately $402,000. JPMorgan Chase & Co. increased its position in First Internet Bancorp by 37.7% during the third quarter. JPMorgan Chase & Co. now owns 17,086 shares of the bank's stock worth $585,000 after buying an additional 4,675 shares during the last quarter. Finally, Barclays PLC increased its position in First Internet Bancorp by 20.5% during the third quarter. Barclays PLC now owns 20,286 shares of the bank's stock worth $696,000 after buying an additional 3,447 shares during the last quarter. Institutional investors and hedge funds own 65.46% of the company's stock.

First Internet Bancorp Company Profile

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.