First Internet Bancorp’s (INBK) Market Perform Rating Reaffirmed at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reiterated their market perform rating on shares of First Internet Bancorp (NASDAQ:INBK) in a report issued on Friday morning, Benzinga reports. Keefe, Bruyette & Woods currently has a $36.00 price target on the bank’s stock, up from their previous price target of $34.00.

A number of other equities analysts have also issued reports on INBK. Hovde Group dropped their target price on shares of First Internet Bancorp from $38.50 to $38.00 and set an outperform rating on the stock in a research report on Friday. StockNews.com raised shares of First Internet Bancorp from a sell rating to a hold rating in a research report on Friday, January 5th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, First Internet Bancorp has a consensus rating of Hold and an average price target of $31.75.

First Internet Bancorp Trading Up 1.1 %

NASDAQ:INBK opened at $31.05 on Friday. First Internet Bancorp has a 12 month low of $9.68 and a 12 month high of $35.72. The company’s 50 day moving average is $32.23 and its 200-day moving average is $26.15. The firm has a market cap of $268.89 million, a price-to-earnings ratio of 16.34 and a beta of 0.72. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98.

First Internet Bancorp (NASDAQ:INBK) last announced its earnings results on Wednesday, January 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.24. First Internet Bancorp had a net margin of 5.84% and a return on equity of 4.68%. The business had revenue of $27.21 million for the quarter, compared to analyst estimates of $24.50 million. Equities analysts anticipate that First Internet Bancorp will post 3.01 EPS for the current year.

First Internet Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.06 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.24 dividend on an annualized basis and a yield of 0.77%. First Internet Bancorp’s dividend payout ratio is currently 12.63%.

Institutional Investors Weigh In On First Internet Bancorp

A number of institutional investors have recently bought and sold shares of the business. Quadrature Capital Ltd boosted its stake in First Internet Bancorp by 33.0% during the fourth quarter. Quadrature Capital Ltd now owns 47,209 shares of the bank’s stock worth $1,142,000 after buying an additional 11,707 shares in the last quarter. Sapient Capital LLC acquired a new stake in shares of First Internet Bancorp in the 4th quarter valued at $3,495,000. Acuitas Investments LLC acquired a new stake in shares of First Internet Bancorp in the 4th quarter valued at $1,940,000. Public Employees Retirement System of Ohio boosted its stake in shares of First Internet Bancorp by 27.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 12,018 shares of the bank’s stock valued at $195,000 after purchasing an additional 2,592 shares in the last quarter. Finally, Citigroup Inc. boosted its stake in shares of First Internet Bancorp by 101,984.6% in the 3rd quarter. Citigroup Inc. now owns 26,542 shares of the bank’s stock valued at $430,000 after purchasing an additional 26,516 shares in 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, Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.