First Internet Bancorp (NASDAQ:INBK) Given Consensus Recommendation of “Moderate Buy” by Brokerages

First Internet Bancorp (NASDAQ:INBK) has been given a consensus rating of “Moderate Buy” by the four research firms that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $42.88.

Several analysts recently weighed in on INBK shares. Craig Hallum increased their price target on First Internet Bancorp from $40.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 26th. Hovde Group lifted their price target on shares of First Internet Bancorp from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Piper Sandler increased their price objective on shares of First Internet Bancorp from $30.00 to $40.50 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods boosted their target price on First Internet Bancorp from $36.00 to $42.00 and gave the company a “market perform” rating in a research report on Friday, July 26th.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of INBK. Rhumbline Advisers grew its position in shares of First Internet Bancorp by 2,179.6% during the 2nd quarter. Rhumbline Advisers now owns 9,483 shares of the bank’s stock worth $256,000 after buying an additional 9,067 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in First Internet Bancorp by 189.9% in the second quarter. Thrivent Financial for Lutherans now owns 23,576 shares of the bank’s stock worth $637,000 after acquiring an additional 15,444 shares in the last quarter. Valeo Financial Advisors LLC grew its stake in shares of First Internet Bancorp by 2.6% during the second quarter. Valeo Financial Advisors LLC now owns 23,967 shares of the bank’s stock worth $648,000 after acquiring an additional 606 shares during the last quarter. Renaissance Technologies LLC grew its position in First Internet Bancorp by 219.0% during the 2nd quarter. Renaissance Technologies LLC now owns 25,200 shares of the bank’s stock worth $681,000 after purchasing an additional 17,300 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of First Internet Bancorp by 9.6% in the 2nd quarter. Victory Capital Management Inc. now owns 28,500 shares of the bank’s stock valued at $770,000 after acquiring an additional 2,500 shares during the period. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

First Internet Bancorp Stock Performance

Shares of NASDAQ:INBK opened at $33.04 on Monday. The firm has a fifty day simple moving average of $34.71 and a two-hundred day simple moving average of $32.06. First Internet Bancorp has a 52 week low of $14.11 and a 52 week high of $39.46. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 1.83. The stock has a market capitalization of $285.99 million, a P/E ratio of 17.39 and a beta of 0.66.

First Internet Bancorp (NASDAQ:INBK) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $0.72 EPS for the quarter, hitting the consensus estimate of $0.72. First Internet Bancorp had a return on equity of 5.23% and a net margin of 6.12%. The company had revenue of $81.99 million during the quarter, compared to analyst estimates of $30.55 million. During the same quarter last year, the business posted $0.44 earnings per share. On average, analysts expect that First Internet Bancorp will post 3 earnings per share for the current fiscal year.

First Internet Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.73%. First Internet Bancorp’s payout ratio is 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, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.