First Internet Bancorp (NASDAQ:INBK) Downgraded by StockNews.com to “Hold”

StockNews.com lowered shares of First Internet Bancorp (NASDAQ:INBK) from a buy rating to a hold rating in a research note issued to investors on Thursday morning.

Several other equities analysts have also weighed in on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $40.00 target price (down from $45.00) on shares of First Internet Bancorp in a report on Friday, January 24th. Piper Sandler reduced their price target 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 analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $41.75.

First Internet Bancorp Price Performance

NASDAQ:INBK opened at $26.78 on Thursday. First Internet Bancorp has a one year low of $24.18 and a one year high of $43.26. The stock has a market cap of $232.91 million, a PE ratio of 9.27 and a beta of 0.72. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The stock has a 50 day moving average price of $30.78 and a 200 day moving average price of $34.77.

First Internet Bancorp (NASDAQ:INBK) 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 return on equity of 5.86% and a net margin of 7.45%. Equities research analysts expect that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

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 paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date is Monday, March 31st. First Internet Bancorp’s dividend payout ratio (DPR) is 8.30%.

Hedge Funds Weigh In On First Internet Bancorp

A number of hedge funds have recently made changes to their positions in INBK. Deutsche Bank AG raised its position in First Internet Bancorp by 4.5% in the fourth quarter. Deutsche Bank AG now owns 7,789 shares of the bank’s stock valued at $280,000 after purchasing an additional 335 shares during the period. Sei Investments Co. raised its holdings in shares of First Internet Bancorp by 2.8% in the 4th quarter. Sei Investments Co. now owns 13,045 shares of the bank’s stock valued at $470,000 after buying an additional 360 shares during the period. Ancora Advisors LLC lifted its stake in First Internet Bancorp by 0.5% during the 4th quarter. Ancora Advisors LLC now owns 130,767 shares of the bank’s stock worth $4,706,000 after acquiring an additional 700 shares in the last quarter. Bank of America Corp DE boosted its holdings in First Internet Bancorp by 3.5% during the 4th quarter. Bank of America Corp DE now owns 20,800 shares of the bank’s stock valued at $749,000 after acquiring an additional 707 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in First Internet Bancorp by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,505 shares of the bank’s stock valued at $846,000 after acquiring an additional 841 shares in the last quarter. Hedge funds and other 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.